1 |
2 |
Report by the Board of Directors ............................... | |
Operating environment ................................................. | |
Outlook and guidance 2025 .......................................... | |
Financial performance ................................................... | |
Segments ......................................................................... | |
Changes in Group composition .................................... | |
Key events during the financial year ............................. | |
Events after the financial year ....................................... | |
Information contained in the notes to the financial statements ...................................................................... | |
Corporate governance statement ................................. | |
Risk management ........................................................... | |
Significant risks and uncertainties ................................ | |
Proposal for profit distribution ...................................... | |
Annual General Meeting ............................................... | |
Shares and securities markets ....................................... | |
Analysis of shareholding ................................................ | |
Board authorities ........................................................... | |
Group’s key performance indicators ............................ | |
Calculation of performance indicators ......................... | |
Sustainability statement ................................................ | |
3 |
4 |
1-12/2024 | Net sales, € million | Change, % | Change, comparable, % | Operating profit, comparable, € million | Change, € million |
Grocery trade | 6,381.4 | +0.5 | +0.4 | 438.0 | -6.8 |
Building and home improvement trade | 2,160.7 | +13.0 | -6.9 | 57.9 | -7.1 |
Technical trade | 2,255.0 | -3.8 | -5.2 | 90.5 | -38.1 |
Kesko Senukai | - | - | - | 20.9 | +1.9 |
Building and technical trade, total | 4,351.6 | +3.8 | -6.0 | 169.1 | -43.3 |
Car trade | 1,209.4 | -4.2 | -4.0 | 69.3 | -13.3 |
Common functions and eliminations | -22.4 | - | - | -26.4 | +1.4 |
Total | 11,920.1 | +1.2 | -2.3 | 650.1 | -62.0 |
5 |
Items affecting comparability, € million | 1-12/2024 | 1-12/2023 |
Operating profit, comparable | 650.1 | 712.0 |
Items affecting comparability | ||
+gains on disposal | +11.4 | +0.4 |
-losses on disposal | -1.6 | -1.0 |
-Impairment charges | -40.0 | - |
+/- structural arrangements | -40.4 | -16.1 |
Items affecting comparability, total | -70.6 | -16.7 |
Operating profit | 579.5 | 695.4 |
1-12/2024 | 1-12/2023 | |
Net finance costs, € million | -111.7 | -83.9 |
Interests on lease liabilities, € million | -78.6 | -73.4 |
Profit before tax, comparable, € million | 543.0 | 630.4 |
Profit before tax, € million | 471.5 | 613.5 |
Income tax, € million | -92.0 | -118.0 |
Earnings per share, comparable, € | 1.11 | 1.28 |
Earnings per share, € | 0.95 | 1.25 |
Equity per share, € | 6.84 | 6.93 |
€ million | 1-12/2024 | 1-12/2023 |
Cash flow from operating activities | 1,008.2 | 1,049.5 |
Cash flow from investing activities | -597.5 | -590.2 |
Cash flow from financing activities | -149.8 | -492.2 |
€ million | 31.12.2024 | 31.12.2023 |
Liquid assets | 488.1 | 227.3 |
Interest-bearing liabilities | 3,396.3 | 2,787.0 |
Lease liabilities | 2,051.0 | 1,997.9 |
Interest-bearing net debt excl. lease liabilities | 857.2 | 561.9 |
Interest-bearing net debt/ EBITDA, excl. IFRS 16 impact | 1.1 | 0.7 |
Gearing, % | 106.3 | 92.8 |
Equity ratio, % | 32.5 | 35.8 |
6 |
€ million | 1-12/2024 | 1-12/2023 |
Capital expenditure | 675.9 | 678.9 |
Store sites | 289.2 | 300.3 |
Acquisitions | 172.9 | 141.1 |
IT | 18.0 | 25.0 |
Other investments | 195.8 | 212.5 |
As of 1 January 2024, investments in Kespro’s cash-and-carry outlets are reported under capital expenditure in store sites, while before they were reported under other investments. Figures for the comparison periods have been adjusted accordingly. | ||
7 |
1-12/2024 | 1-12/2023 | |
Net sales, € million | 6,381.4 | 6,351.6 |
Operating profit, comparable, € million | 438.0 | 444.8 |
Operating margin, comparable, % | 6.9 | 7.0 |
Return on capital employed, comparable, % | 16.0 | 17.4 |
Capital expenditure, € million | 276.0 | 303.7 |
Average number of personnel converted into full-time employees | 6,346 | 6,257 |
Net sales, € million | 1-12/2024 | 1-12/2023 | Change, % | Change, comparable, % |
Sales to K Group grocery stores | 4,529.3 | 4,484.0 | +1.0 | +1.0 |
K-Citymarket, non-food | 602.6 | 615.5 | -2.1 | -2.1 |
Kespro | 1,169.6 | 1,154.9 | +1.3 | +1.3 |
Others | 79.8 | 97.3 | -18.0 | -21.8 |
Total | 6,381.4 | 6,351.6 | +0.5 | +0.4 |
8 |
Net sales, € million | 1-12/2024 | 1-12/2023 | Change, % | Change, comparable, % |
Building and home improvement trade, Finland | 888.4 | 937.6 | -5.3 | -5.3 |
K-Rauta, Sweden | 101.6 | 149.8 | -32.2 | - |
K-Bygg, Sweden | 277.0 | 280.0 | -1.1 | -5.1 |
Byggmakker, Norway | 517.9 | 547.6 | -5.4 | -5.2 |
Davidsen, Denmark | 379.8 | - | - | - |
Building and home improvement trade, total | 2,160.7 | 1,912.1 | +13.0 | -6.9 |
Technical trade, Finland | 1,132.1 | 1,234.0 | -8.3 | -8.3 |
Technical trade, Sweden | 130.6 | 132.8 | -1.7 | -3.2 |
Technical trade, Norway | 501.7 | 517.5 | -3.0 | -5.0 |
Technical trade, Baltics | 127.4 | 129.1 | -1.3 | -1.3 |
Technical trade, Poland | 368.1 | 336.9 | +9.3 | +3.6 |
Technical trade, total | 2,255.0 | 2,344.7 | -3.8 | -5.2 |
Total | 4,351.6 | 4,193.2 | +3.8 | -6.0 |
The reorganisation of the K-Rauta chain in Sweden was completed in December 2024. In October-November 2024, a total of 8 K-Rauta stores were transferred under the K-Bygg chain. The comparable change in K-Bygg net sales has been calculated in local currencies by adding the net sales of the transferred K-Rauta stores to the comparison period figures at dates corresponding to the change in store chains. | ||||
1-12/2024 | 1-12/2023 | |
Net sales, € million | 4,351.6 | 4,193.2 |
Building and home improvement trade | 2,160.7 | 1,912.1 |
Technical trade | 2,255.0 | 2,344.7 |
Operating profit, comparable, € million | 169.1 | 212.5 |
Building and home improvement trade | 57.9 | 65.0 |
Technical trade | 90.5 | 128.5 |
Kesko Senukai | 20.9 | 19.0 |
Operating margin, comparable, % | 3.9 | 5.1 |
Building and home improvement trade | 2.7 | 3.4 |
Technical trade | 4.0 | 5.5 |
Return on capital employed, comparable, % | 7.8 | 11.4 |
Capital expenditure, € million | 293.7 | 273.0 |
Average number of personnel converted into full-time employees | 6,538 | 6,073 |
9 |
1-12/2024 | 1-12/2023 | |
Net sales, € million | 1,209.4 | 1,262.3 |
Car trade | 1,040.9 | 1,078.6 |
Sports trade | 168.7 | 183.9 |
Operating profit, comparable, € million | 69.3 | 82.6 |
Car trade | 61.7 | 73.1 |
Sports trade | 7.6 | 9.5 |
Operating margin, comparable, % | 5.7 | 6.5 |
Car trade | 5.9 | 6.8 |
Sports trade | 4.5 | 5.1 |
Return on capital employed, comparable, % | 13.8 | 15.8 |
Capital expenditure, € million | 89.0 | 80.3 |
Average number of personnel converted into full-time employees | 1,556 | 1,531 |
Net sales, € million | 1-12/2024 | 1-12/2023 | Change, % | Change, comparable, % |
Car trade | 1,040.9 | 1,078.6 | -3.5 | -3.3 |
Sports trade | 168.7 | 183.9 | -8.3 | -8.3 |
Total | 1,209.4 | 1,262.3 | -4.2 | -4.0 |
10 |
11 |
12 |
13 |
14 |
2022 | 2023 | 2024 | ||
Share price as at 31 Dec. | ||||
A share | € | 20.35 | 18.02 | 18.06 |
B share | € | 20.62 | 17.93 | 18.18 |
Average share price | ||||
A share | € | 21.89 | 18.47 | 17.80 |
B share | € | 23.11 | 18.49 | 17.56 |
Market capitalisation as at 31 Dec., A share | € million | 2,583.4 | 2,287.6 | 2,292.7 |
Market capitalisation as at 31 Dec., B share | € million | 5,577.9 | 4,855.8 | 4,926.9 |
Turnover | ||||
A share | Million pcs | 7 | 6 | 5 |
B share | Million pcs | 144 | 143 | 139 |
Relative turnover rate | ||||
A share | % | 5.8 | 4.4 | 4.1 |
B share | % | 52.2 | 52.3 | 50.5 |
Diluted average number of shares | Thousand pcs | 397,383 | 397,706 | 397,922 |
15 |
All shares | Number of shares, pcs | Percentage of all shares, % |
Nominee-registered and non-Finnish holders | 132,739,287 | 33.18 |
Households | 103,856,060 | 25.96 |
Non-financial corporations and housing corporations | 95,387,211 | 23.84 |
General government* | 31,805,411 | 7.95 |
Non-profit institutions serving households** | 21,743,369 | 5.43 |
Financial and insurance corporations | 14,547,670 | 3.64 |
Total | 400,079,008 | 100.00 |
A shares | Number of shares, pcs | Percentage of A shares, % | Percentage of all shares, % |
Non-financial corporations and housing corporations | 74,953,400 | 59.04 | 18.73 |
Households | 23,839,798 | 18.78 | 5.96 |
General government* | 14,169,777 | 11.16 | 3.54 |
Non-profit institutions serving households** | 11,260,708 | 8.87 | 2.81 |
Nominee-registered and non-Finnish holders | 2,437,873 | 1.92 | 0.61 |
Financial and insurance corporations | 286,472 | 0.23 | 0.07 |
Total | 126,948,028 | 100.00 | 31.73 |
B shares | Number of shares, pcs | Percentage of B shares, % | Percentage of all shares, % |
Nominee-registered and non-Finnish holders | 130,301,414 | 47.71 | 32.57 |
Households | 80,016,262 | 29.30 | 20.00 |
Non-financial corporations and housing corporations | 20,433,811 | 7.48 | 5.11 |
General government* | 17,635,634 | 6.46 | 4.41 |
Financial and insurance corporations | 14,261,198 | 5.22 | 3.56 |
Non-profit institutions serving households** | 10,482,661 | 3.84 | 2.62 |
Total | 273,130,980 | 100.00 | 68.27 |
* General government, for example, municipalities, the provincial administration of Åland, authorised pension providers and social security funds ** Non-profit institutions, for example, foundations awarding scholarships, organisations safeguarding certain interests and various charitable associations | |||
All shares Number of shares | Number of shareholders, pcs | Percentage of share- holders, % | Share total, pcs | Percentage of shares, % |
1−100 | 49,558 | 43.59 | 1,983,218 | 0.50 |
101−500 | 33,394 | 29.37 | 8,562,712 | 2.14 |
501−1,000 | 10,876 | 9.57 | 8,141,322 | 2.03 |
1,001−5,000 | 14,549 | 12.80 | 33,265,124 | 8.31 |
5,001−10,000 | 2,632 | 2.31 | 18,626,702 | 4.66 |
10,001−50,000 | 2,236 | 1.97 | 45,354,794 | 11.34 |
50,001−100,000 | 233 | 0.20 | 16,168,338 | 4.04 |
100,001−500,000 | 181 | 0.16 | 36,411,360 | 9.10 |
500,001− | 41 | 0.04 | 231,565,438 | 57.88 |
Total | 113,700 | 100.00 | 400,079,008 | 100.00 |
16 |
A shares Number of shares | Number of shareholders, pcs | Percentage of A share- holders, % | A share total, pcs | Percentage of A shares, % |
1−100 | 16,170 | 55.58 | 560,115 | 0.44 |
101−500 | 6,753 | 23.21 | 1,651,190 | 1.30 |
501−1,000 | 1,674 | 5.75 | 1,248,899 | 0.98 |
1,001−5,000 | 2,638 | 9.07 | 6,787,641 | 5.35 |
5,001−10,000 | 762 | 2.62 | 5,478,926 | 4.32 |
10,001−50,000 | 863 | 2.97 | 17,973,813 | 14.16 |
50,001−100,000 | 123 | 0.42 | 8,850,369 | 6.97 |
100,001−500,000 | 97 | 0.33 | 19,090,388 | 15.04 |
500,001− | 12 | 0.04 | 65,306,687 | 51.44 |
Total | 29,092 | 100.00 | 126,948,028 | 100.00 |
B shares Number of shares | Number of shareholders, pcs | Percentage of B share- holders, % | B share total, pcs | Percentage of B shares, % |
1−100 | 36,868 | 40.44 | 1,545,267 | 0.57 |
101−500 | 28,286 | 31.03 | 7,362,421 | 2.70 |
501−1,000 | 9,772 | 10.72 | 7,326,793 | 2.68 |
1,001−5,000 | 12,570 | 13.79 | 28,112,051 | 10.29 |
5,001−10,000 | 2,035 | 2.23 | 14,339,116 | 5.25 |
10,001−50,000 | 1,405 | 1.54 | 27,307,774 | 10.00 |
50,001−100,000 | 111 | 0.12 | 7,493,863 | 2.74 |
100,001−500,000 | 86 | 0.09 | 17,241,669 | 6.31 |
500,001− | 26 | 0.03 | 162,402,026 | 59.46 |
Total | 91,159 | 100.00 | 273,130,980 | 100.00 |
Number of shares, pcs | Percentage of shares, % | Number of votes | Percentage of votes, % | ||
1. | K-Retailers' Association | 21,858,292 | 5.46 | 218,582,920 | 14.17 |
2. | Ilmarinen Mutual Pension Insurance Company | 13,760,000 | 3.44 | 137,600,000 | 8.92 |
3. | Vähittäiskaupan Takaus Oy | 13,195,008 | 3.30 | 131,950,080 | 8.55 |
4. | Elo Mutual Pension Insurance company | 6,073,725 | 1.52 | 9,725,250 | 0.63 |
5. | Varma Mutual Pension Insurance Company | 5,978,944 | 1.49 | 5,978,944 | 0.39 |
6. | Foundation for Vocational Training in the Retail Trade | 5,709,109 | 1.43 | 57,091,090 | 3.70 |
7. | The State Pension Fund | 3,500,000 | 0.87 | 3,500,000 | 0.23 |
8. | K-Food Retailers' Club | 2,605,792 | 0.65 | 26,057,920 | 1.69 |
9. | Heimo Välinen Oy | 2,280,000 | 0.57 | 22,800,000 | 1.48 |
10. | OP-Finland Fund | 2,183,510 | 0.55 | 2,183,510 | 0.14 |
17 |
Number of shares, pcs | Percentage of shares, % | Number of votes | Percentage of votes, % | ||
1. | K-Retailers' Association | 21,858,292 | 5.46 | 218,582,920 | 14.17 |
2. | Ilmarinen Mutual Pension Insurance Company | 13,760,000 | 3.44 | 137,600,000 | 8.92 |
3. | Vähittäiskaupan Takaus Oy | 13,195,008 | 3.30 | 131,950,080 | 8.55 |
4. | Foundation for Vocational Training in the Retail Trade | 5,709,109 | 1.43 | 57,091,090 | 3.70 |
5. | K-Food Retailers' Club | 2,605,792 | 0.65 | 26,057,920 | 1.69 |
6. | Heimo Välinen Oy | 2,280,000 | 0.57 | 22,800,000 | 1.48 |
7. | Food Paradise Oy | 1,564,164 | 0.39 | 15,641,640 | 1.01 |
8. | Elo Mutual Pension Insurance company | 6,073,725 | 1.52 | 9,725,250 | 0.63 |
9. | Pokela Oy Iso Omena | 792,600 | 0.20 | 7,926,000 | 0.51 |
10. | T.A.T. Invest Oy | 792,080 | 0.20 | 7,726,400 | 0.50 |
18 |
2022 | 2023 | 2024 | ||
Income statement | ||||
Net sales | € million | 11,809.0 | 11,783.8 | 11,920.1 |
Change in net sales | % | 4.5 | -0.2 | 1.2 |
Change in net sales, comparable | % | 4.4 | -0.8 | -2.3 |
Operating profit, comparable | € million | 815.1 | 712.0 | 650.1 |
Operating margin, comparable | % | 6.9 | 6.0 | 5.5 |
Operating profit | € million | 816.5 | 695.4 | 579.5 |
Operating margin | % | 6.9 | 5.9 | 4.9 |
Profit for the year | € million | 609.9 | 495.6 | 379.1 |
Profit for the year as percentage of net sales | % | 5.2 | 4.2 | 3.2 |
Profitability | ||||
Return on equity | % | 23.1 | 18.0 | 13.8 |
Return on equity, comparable | % | 23.2 | 18.5 | 16.1 |
Return on capital employed | % | 17.0 | 13.1 | 10.1 |
Return on capital employed, comparable | % | 16.9 | 13.4 | 11.3 |
Funding and financial position | ||||
Interest-bearing net debt | € million | 2,104.2 | 2,559.8 | 2,908.2 |
Interest-bearing net debt excluding lease liabilities | € million | 184.1 | 561.9 | 857.2 |
Gearing | % | 76.7 | 92.8 | 106.3 |
Equity ratio | % | 36.9 | 35.8 | 32.5 |
Interest-bearing net debt/EBITDA excluding the impact of IFRS 16 | 0.2 | 0.7 | 1.1 | |
Interest-bearing net debt/EBITDA, IFRS | 1.6 | 2.1 | 2.4 |
2022 | 2023 | 2024 | ||
Other performance indicators | ||||
Capital expenditure | € million | 449.2 | 678.9 | 675.9 |
Capital expenditure as percentage of net sales | % | 3.8 | 5.8 | 5.7 |
Cash flow from operating activities | € million | 915.2 | 1,049.5 | 1,008.2 |
Cash flow from investing activities | € million | -344.3 | -590.2 | -597.5 |
Average number of personnel converted into full-time employees | 14,633 | 14,766 | 15,347 | |
Personnel as at 31 Dec. | 17,841 | 17,702 | 18,309 | |
2022 | 2023 | 2024 | ||
Share performance indicators | ||||
Earnings/share, basic and diluted | € | 1.53 | 1.25 | 0.95 |
Earnings/share, comparable, basic | € | 1.54 | 1.28 | 1.11 |
Equity/share | € | 6.90 | 6.93 | 6.84 |
Dividend/share* | € | 1.08 | 1.02 | 0.90 |
Payout ratio | % | 70.4 | 81.9 | 94.5 |
Payout ratio, comparable | % | 70.1 | 79.7 | 80.9 |
Cash flow from operating activities/share | € | 2.30 | 2.64 | 2.53 |
Price/earnings ratio (P/E), A share | 13.26 | 14.46 | 18.95 | |
Price/earnings ratio (P/E), B share | 13.44 | 14.39 | 19.08 | |
Effective dividend yield, A share | % | 5.3 | 5.7 | 5.0 |
Effective dividend yield, B share | % | 5.2 | 5.7 | 5.0 |
* Proposal to the General Meeting |
19 |
Operating profit, comparable | Operating profit +/– items affecting comparability | |
Items affecting comparability | – gains on disposal + losses on disposal + impairment charges +/- structural arrangements | |
Return on equity, % | (Profit/loss before tax - Income tax) x 100 / Shareholders' equity, average of the beginning and end of the reporting period | |
Return on equity, %, comparable | (Profit/loss for the preceding 12 months before tax - Income tax for the preceding 12 months) x 100 / Shareholders' equity on average for 12 months | |
Return on capital employed, % | Operating profit x 100 / (Non-current assets + Inventories + Receivables + Other current assets - Non-interest-bearing liabilities) on average for the reporting period | |
Return on capital employed, %, comparable | Comparable operating profit x 100 / (Non-current assets + Inventories + Receivables + Other current assets - Non- interest-bearing liabilities) on average for 12 months | |
EBITDA | Operating profit + Depreciation and amortisation + Impairments | |
EBITDA excluding the impact of IFRS 16 | EBITDA – Rents from lease agreements |
20 |
Equity ratio, % | Shareholders’ equity x 100 / (Total assets – Advances received) | |
Gearing, % | Interest-bearing net debt x 100 / Shareholders' equity | |
Interest-bearing net debt | Interest-bearing liabilities + Lease liabilities – Current other financial assets – Cash and cash equivalents | |
Interest-bearing net debt excluding lease liabilities | Interest-bearing net debt – Lease liabilities | |
Interest-bearing net debt excluding lease liabilities / EBITDA excluding the impact of IFRS 16 | Interest-bearing net debt excluding lease liabilities / EBITDA excluding the impact of IFRS 16 | |
Interest-bearing net debt / EBITDA, including the impact of IFRS 16 | Interest-bearing net debt / EBITDA, including the impact of IFRS 16 | |
Capital expenditure | Performance indicator includes investments in tangible and intangible assets, subsidiary shares, shares in associates and joint ventures and other shares. Additions of right-of-use assets for leases in the consolidated statement of financial position are not capital expenditure. Redemption of a leased property (right- of-use asset) is reported as capital expenditure. |
Earnings/share, basic | (Profit/loss - Non-controlling interests) / Average number of shares | |
Earnings/share, diluted | (Profit – Non-controlling interest) / Average diluted number of shares | |
Earnings/share, basic, comparable | (Profit/loss adjusted for items affecting comparability - Non- controlling interests adjusted for items affecting comparability) / Average number of shares | |
Equity/share | Equity attributable to owners of the parent / Basic number of shares at the balance sheet date | |
Payout ratio, % | (Dividend/share) x 100 / (Earnings/share) | |
Price/earnings ratio (P/E) | Share price at balance sheet date / (Earnings/share) | |
Effective dividend yield, % | (Dividend/share) x 100 / Share price at balance sheet date | |
Market capitalisation | Share price at balance sheet date x Number of shares | |
Cash flow from operating activities/share | Cash flow from operating activities / Average number of shares | |
Yield of A share and B share | Change in share price + Annual dividend yield |
21 |
€ million | 2024 | 2023 |
Items affecting comparability | ||
Gains on disposal | 11.4 | 0.4 |
Losses on disposal | -1.6 | -1.0 |
Impairment charges | -40.0 | - |
Structural arrangements | -40.4 | -16.1 |
Items in operating profit affecting comparability | -70.6 | -16.7 |
Items in financial items affecting comparability | -0.8 | -0.2 |
Items in income taxes affecting comparability | 7.7 | 3.1 |
Total items affecting comparability | -63.7 | -13.7 |
Items in EBITDA affecting comparability | -12.3 | -12.8 |
Operating profit, comparable | ||
Operating profit | 579.5 | 695.4 |
Net of | ||
Items in operating profit affecting comparability | -70.6 | -16.7 |
Operating profit, comparable | 650.1 | 712.0 |
EBITDA | ||
Operating profit | 579.5 | 695.4 |
Plus | ||
Depreciation and impairment charges | 247.9 | 184.0 |
Depreciation and impairment charges for right-of-use assets | 375.5 | 353.2 |
EBITDA | 1,202.9 | 1,232.5 |
EBITDA, comparable | ||
EBITDA | 1,202.9 | 1,232.5 |
Net of | ||
Items in EBITDA affecting comparability | -12.3 | -12.8 |
EBITDA, comparable | 1,215.2 | 1,245.3 |
€ million | 2024 | 2023 |
Profit before tax, comparable | ||
Profit before tax | 471.5 | 613.5 |
Net of | ||
Items in operating profit affecting comparability | -70.6 | -16.7 |
Items in financial items affecting comparability | -0.8 | -0.2 |
Profit before tax, comparable | 543.0 | 630.4 |
Net profit, comparable | ||
Profit before tax, comparable | 543.0 | 630.4 |
Net of | ||
Income tax | 92.0 | 118.0 |
Items in income taxes affecting comparability | 7.7 | 3.1 |
Net profit, comparable | 443.3 | 509.3 |
Net profit attributable to owners of the parent, comparable | ||
Net profit, comparable | 443.3 | 509.3 |
Net of | ||
Net profit attributable to non-controlling interests | -0.4 | - |
Net profit attributable to owners of the parent, comparable | 442.9 | 509.3 |
Earnings per share, comparable, € | ||
Net profit attributable to the owners of the parent, comparable | 442.9 | 509.3 |
Average number of shares, basic, 1,000 pcs | 397,922 | 397,706 |
Earnings per share, comparable, € | 1.11 | 1.28 |
Return on capital employed, % | ||
Operating profit | 579.5 | 695.4 |
Capital employed, average | 5,758.7 | 5,313.3 |
Return on capital employed, % | 10.1 | 13.1 |
Return on capital employed, comparable, % | ||
Operating profit, comparable | 650.1 | 712.0 |
Capital employed, average | 5,758.7 | 5,313.3 |
Return on capital employed, comparable, % | 11.3 | 13.4 |
22 |
€ million | 2024 | 2023 |
Return on equity, % | ||
Net profit | 379.1 | 495.6 |
Equity, average | 2,746.7 | 2,750.3 |
Return on equity, % | 13.8 | 18.0 |
Return on equity, comparable, % | ||
Net profit, comparable | 443.3 | 509.3 |
Equity, average | 2,746.7 | 2,750.3 |
Return on equity, comparable, % | 16.1 | 18.5 |
Equity ratio, % | ||
Shareholders’ equity | 2,734.9 | 2,758.4 |
Total assets | 8,471.2 | 7,754.3 |
Advances received | 43.4 | 56.7 |
Equity ratio, % | 32.5 | 35.8 |
23 |
General information ..................................................... | |
Kesko in brief .................................................................. | |
General basis of preparation ......................................... | |
Material sustainability topics and sustainability targets ............................................................................. | |
Identification and assessment of material impacts, risks and opportunities .................................................. | |
Strategy, business model and value chain ................... | |
Interests and views of stakeholders .............................. | |
Sustainability governance .............................................. | |
Environment ................................................................... | |
EU Taxonomy .................................................................. | |
E1 Climate change .......................................................... | |
E5 Resource use and circular economy ........................ | |
Social ............................................................................... | |
S1 Own workforce .......................................................... | |
S2 Workers in the value chain ....................................... | |
S4 Consumers and end-users ....................................... | |
Governance .................................................................... | |
G1 Business conduct ...................................................... | |
Appendices to sustainability statement .................... | |
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ESRS standards | Material sustainability topics | |
Environment | ||
Climate change | Climate change mitigation Energy | |
Resource use and circular economy | Resource outflows related to products and services: Packaging Waste Food waste | |
Social | ||
Own workforce | Working conditions Equal treatment and opportunities for all | |
Workers in the value chain | Working conditions Child labour and forced labour | |
Consumers and end- users | Health and safety Privacy | |
Governance | ||
Business conduct | Corporate culture Protection of whistleblowers Management of relationships with suppliers Corruption and bribery | |
Non-material ESRS standards | ||
Pollution | ||
Water and marine resources | ||
Biodiversity and ecosystems | ||
Affected communities | ||
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Target | |||||
Target | Unit | 2024 | 2025 | 2026 | 2030 |
Environment | |||||
E1 Climate change | |||||
Greenhouse gas emissions (Scope 1 + Scope 2 market-based) | tCO2eq | 84,576 | ~59,000 | ||
Greenhouse gas emissions (Scope 3 Purchased goods and services), emissions reductions targets of suppliers | % | 48% | 67% | ||
Energy efficiency measures | GWh | 20.9 | 95.0 | ||
E5 Resource use and circular economy | |||||
Waste recycling rate | % | 67% | 73% | ||
Food waste in Kesko’s warehousing and logistics operations | % | 0.45% | 0.22% | ||
Food waste in K-food retailers’ store operations | % | 1.68% | 1.10% | ||
Social | |||||
S1 Own workforce | |||||
Workplace injuries, own workforce | Total Recordable Injury Frequency (TRIF) | 25.9 | 22.0 | ||
Employee wellbeing | Wellbeing index | 83 | 86 | ||
Diversity and inclusion | D&I index | 87 | 89 | ||
Gender balance in top management | % of underrepresented gender | 27.7% | 40.0% | ||
Gender balance in middle management | % of underrepresented gender | 32.8% | 45.0% | ||
S4 Consumers and end-users | |||||
Decrease the amount of salt in private label products | kg | 15,353 | 50,000 | ||
Decrease the amount of sugar in private label products | kg | 97,171 | 200,000 | ||
Decrease the amount of saturated fat in private label products | kg | 32,347 | 50,000 | ||
Governance | |||||
G1 Business Conduct | |||||
Employee commitment to K Code of Conduct | % | 85% | 100% | ||
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Stakeholder | Forms of cooperation | Key sustainability topics | Impacts on Kesko‘s operations |
Consumers and end- users | • Daily customer encounters • Customer service channels and applications • Customer surveys • K-Kylä customer community • Social media | • Healthiness of products • Product safety • Origin of products and sustainable supply chains • Circular economy solutions and waste reductions • Promoting sustainability at local level | • Increasing transparency on origin and production • Returning purchase data to the customer • Innovative foods using food waste • K-retailers’ sustainability actions |
B2B customers | • Customer meetings • Supplier trainings and trade fairs | • Origin of products and sustainable supply chains • Products’ carbon footprint data | • Increasing transparency on origin and production • Carbon footprint data and calculators |
Own workforce | • Personnel surveys and performance and development reviews • Personnel events • Cooperation with personnel representatives • SpeakUp reporting channel | • Employee wellbeing • Occupational health and safety • Diversity, equity and inclusion • Good leadership and opportunities for personal development | • Wellbeing solutions for employees • Occupational health services and measures to reduce work-related accidents • DEI action plan, target setting and developing diversity-supporting recruitment • Measures and coaching to support development and leadership |
K-retailers and store staff | • Retailer events and meetings • Electronic communication channels and trade magazines • SpeakUp reporting channel | • Employee wellbeing • Occupational health and safety • Diversity, equity and inclusion • Good leadership and opportunities for personal development | • Wellbeing solutions for employees • Occupational health services and measures to reduce work-related accidents • Recruitment to support diversity • Measures and coaching to support development and leadership |
Investors, shareholders, analysts and other representatives of capital markets | • General Meeting • Financial reporting and press conferences • Investor websites and social media channels • Investor and analyst meetings • Surveys and assessments | • Greenhouse gas emissions and transition plan for reducing emissions • Biodiversity and water • Sustainable supply chains • Employee-related social responsibility • Governance and remuneration | • Transition plan and emission reduction measures • Assessments on biodiversity loss and water use and measures in the value chain • Verification of sustainable procurement through due diligence processes • Measures to improve wellbeing, safety at work and diversity • Verification of good governance and linking sustainability to remuneration |
Suppliers, service providers and supply chain workers | • Meetings with suppliers and business partners • Business partner events • Organisations and purchasing alliances | • Human rights in the supply chain • Measures for reducing emissions • Sustainable products and services | • Human rights commitments, assessments and audits • Challenging partners to set climate targets (CDP) • Cooperation to introduce sustainable products into the selection |
NGOs and corporate advocacy activities in organisations | • Dialogue with NGOs • Corporate advocacy - activities in organisations | • Origin of products and supply chain working conditions • Value chain’s environmental impacts • Development of regulation on sustainability | • Increasing transparency on origin and production • Cooperation with NGOs on key sustainability issues • Anticipation of and preparation for regulatory changes |
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Performance indicators | ||||||
Taxonomy activity | Activity description | Assessment of Taxonomy alignment | Turnover | CapEx | Opex | |
CCM 6.5 | Transport by motorbikes, passenger cars and light commercial vehicles | Purchase, financing, renting, leasing and operation of vehicles designated as category M1, N1 or L. The activity includes leasing operations in the car trade division. | The significant contribution criterion is met if the vehicle’s emissions are below 50 g CO2/km. This criterion is met by fully electric vehicles and hybrids. As part of the 'do no significant harm' criteria, tyres’ external rolling noise requirements must belong to the best available class. Information on tyre rolling noise is not available, making it not possible to determine the Taxonomy alignment of the vehicles. Vehicles in the leasing business are classified as eligible but not Taxonomy-aligned. | √ | √ | √ |
CCM 6.6 | Freight transport services by road | Purchase, financing, renting, leasing and operation of vehicles designated as category N1, N2 or N3 for freight transport serivces by road. Activity includes vehicles used in logistics operations of in Davidsen Koncernen A/S in Denmark. | To meet the Taxonomy criteria, the vehicles must be low-emission or zero-emission vehicles. The vehicles are also not dedicated for the transportation of fossil fuels. Additionally, the vehicles must comply with the 'do no significant harm' criteria set for the activity. The logistics vehicles are classified as eligible but not Taxonomy- aligned. | √ | √ | |
CCM 7.1 | Construction of new buildings | The construction of buildings for residential and non-residential use. The activity includes building projects developed by Kesko for its own use. These are mainly new store and logistics properties. | For new buildings, an energy efficiency rating (E-value) is defined during the planning phase, which must beat least ten percent lower than the nationally set threshold. An assessment of the building’s Taxonomy alignment is made during the planning phase. The realisation of the E-rating is verified upon the building’s completion. Energy efficiency must be certified with an Energy Performance Certificate. Additionally, the activity sets criteria for buildings over 5,000 m² regarding air-tightness and thermal integrity of the building. The operation also includes detailed 'do no significant harm' criteria. The criteria for Taxonomy alignment are considered already during the planning phase of the building, when the decision to construct the building in accordance with the criteria is made. | √ | ||
CCM 7.2 | Renovation of existing buildings | Extensive repairs to existing buildings. Extensive repairs in properties owned by Kesko and in leased properties where Kesko is responsible for basic repairs. | Building renovations comply with the requirements applied to major renovations. Alternatively, the renovations lead to a reduction of primary energy demand of at least 30 %. The operation also includes detailed 'do no significant harm' criteria. Large renovations have not been deemed Taxonomy-aligned, as the ‘do no significant harm’ criteria for Taxonomy alignment related to activity 7.2 have not been met. | √ | ||
CCM 7.3 | Installation, maintenance and repair of energy efficiency equipment | Individual renovation measures related to energy efficiency equipment, such as adding insulation to parts of existing buildings, energy efficient replacements for external doors and windows, installing energy efficient light sources, and the installation, maintenance, repair and replacement of ventilation equipment with efficient technologies. The activity mainly includes the above-mentioned renovation measures in Kesko store sites where Kesko is the lessee. | Capital expenditure in energy efficiency mainly includes capital expenditure in LED lighting in properties where Kesko is a lessee. In order to meet the substantial contribution criteria for activity 7.3, a light source must be in the top two energy categories. The LED lighting used in Kesko’s projects does not meet the Taxonomy alignment criteria. | √ | ||
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Performance indicators | ||||||
Taxonomy activity | Activity description | Assessment of Taxonomy alignment | Turnover | CapEx | Opex | |
CCM 7.4 | Installation, maintenance and repair of charging stations for electric vehicles in buildings | All investments related to the activity have been classified as Taxonomy-aligned. The 'do no significant harm' criterion related to climate change adaptation is not considered to significantly affect the assessment of Taxonomy alignment for investments related to charging stations. | √ | |||
CCM 7.5 | Installation, maintenance and repair of instruments and devices for measuring, regulation and controlling energy performance of buildings | The installation, maintenance and repair of instruments and devices for measuring, regulation and controlling energy performance of buildings. The activity covers the aforementioned capital expenditures in properties where Kesko is a lessee. | When the activity consists of individual measures listed in the Taxonomy regulation, all investments related to the activity have been classified as Taxonomy-aligned investments. The criterion of 'do no significant harm' related to climate change adaptation is not considered to significantly affect the assessment of Taxonomy alignment of these investments. | √ | ||
CCM 7.6 | Installation, maintenance and repair of renewable energy technologies | Individual measures related to renewable energy sources, where the technology is installed on-site as part of the building's technical systems. The activity covers the aforementioned capital expenditures in properties where Kesko is a lessee. | When the activity consists of individual measures listed in the Taxonomy Regulation, all investments related to the activity have been classified as Taxonomy-aligned investments. The criterion of 'do no significant harm' related to climate change adaptation is not considered to significantly affect the assessment of Taxonomy alignment of these investments. | √ | ||
CCM 7.7 | Acquisition and ownership of buildings | Buying real estate and exercising ownership of that real estate. The activity includes properties acquired during the reporting period, and the amounts of right-of-use assets recognised in the balance sheet based on lease agreements for properties. Moreover, capital expenditure in properties owned by Kesko in line with the above-mentioned activities 7.3 and 7.5 and activity 7.6 ‘Installation, maintenance and repair of renewable energy technologies’ have been included in activity 7.7 ‘Acquisition and ownership of buildings’. | For buildings built after 2020, the assessment of Taxonomy alignment has been made based on the climate change mitigation substantial contribution criteria of activity 7.1. ‘Construction of new buildings’. A building built during or before 2020 must have at least a category A energy certificate, or the building must be in the top 15% in the region in terms of primary energy demand. The assessment method is mainly applied to leased properties. A climate risk assessment is also conducted for the buildings. | √ | √ | |
CE 5.4 | Sale of second-hand goods | The sale of second-hand goods that have been used for their intended purpose before by a customer. In Kesko, the sale of second-hand goods includes the used car business in the car trade division. | The sale of second-hand goods is one of the Taxonomy activities for circular economy. Comprehensive data on used cars is not available, making it difficult to reliably assess their Taxonomy alignment. Used cars are classified as eligible but not Taxonomy-aligned. | √ | ||
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Nuclear energy related activities | ||
1. | The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of innovative electricity generation facilities that produce energy from nuclear processes with minimal waste from the fuel cycle. | NO |
2. | The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production, as well as their safety upgrades, using best available technologies. | NO |
3. | The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production from nuclear energy, as well as their safety upgrades. | NO |
Fossil gas related activities | ||
4. | The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that produce electricity using fossil gaseous fuels. | NO |
5. | The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/cool and power generation facilities using fossil gaseous fuels. | NO |
6. | The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat generation facilities that produce heat/cool using fossil gaseous fuels. | NO |
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€ million | 2024 | 2023 |
Property, plant and equipment - Additions (Note 3.2) | 494,9 | 511,2 |
Property, plant and equipment - Acquisitions (Note 3.2) | 94,4 | 3,7 |
Intangible assets - Additions (Note 3.3) | 16,2 | 21,9 |
Intangible assets - Acquisitions excluding goodwill (Note 3.3) | 39,7 | 16,4 |
Right-of-use assets - Additions (Note 3.4) | 457,5 | 437,3 |
Right-of-use assets - Acquisitions (Note 3.4) | 12,3 | 15,7 |
Total | 1 115,1 | 1 006,1 |
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Financial year 2024 | 2024 | Substantial contribution criteria | DNSH criteria ('Does Not Significantly Harm') | ||||||||||||||||
Economic activites | Code | Turnover | Proportion of turnover, year 2024 | Climate change mitigation | Climate change adaption | Water | Pollution | Circular economy | Biodiversity | Climate change mitigation | Climate change adaption | Water | Pollution | Circular economy | Biodiversity | Minimum safeguards | Proportion of Taxonomy aligned (A1) or eligible (A2) turnover, year 2023 | Category enabling activity) | Category transitional activity |
€ million | % | Y; N; N/EL | Y; N; N/EL | Y; N; N/EL | Y; N; N/EL | Y; N; N/EL | Y; N; N/EL | Y/N | Y/N | Y/N | Y/N | Y/N | Y/N | Y/N | % | E | T | ||
A. TAXONOMY-ELIGIBLE ACTIVITIES | |||||||||||||||||||
A.1 Environmentally sustainable activities (Taxonomy- aligned) | |||||||||||||||||||
Turnover of environmentally sustainable activities (Taxonomy-aligned) (A.1) | 0.0 | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | Y | 0.0% | |||||||||
Of which Enabling | 0.0 | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | Y | 0.0% | E | ||||||||
Of which Transitional | 0.0 | 0.0% | 0.0% | Y | 0.0% | T | |||||||||||||
A.2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) | |||||||||||||||||||
EL; N/EL | EL; N/EL | EL; N/EL | EL; N/EL | EL; N/EL | EL; N/EL | ||||||||||||||
Transportation by motorbikes, passenger cars and light commercial vehicles | CCM 6.5 CCA 6.5 | 26.5 | 0.2% | EL | EL | N/EL | N/EL | N/EL | N/EL | 0.2% | |||||||||
Sale of second-hand goods | CE 5.4 | 321.3 | 2.7% | N/EL | N/EL | N/EL | N/EL | EL | N/EL | 2.4% | |||||||||
Turnover of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2) | 347.7 | 2.9% | 0.2% | 0.0% | 0.0% | 0.0% | 2.7% | 0.0% | 2.6% | ||||||||||
A. Turnover of Taxonomy eligible activities (A.1+A.2) | 347.7 | 2.9% | 0.2% | 0.0% | 0.0% | 0.0% | 2.7% | 0.0% | 2.6% | ||||||||||
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES | |||||||||||||||||||
Turnover of Taxonomy-non-eligible activities | 11,572.3 | 97.1% | |||||||||||||||||
Total | 11,920.1 | 100.0% | |||||||||||||||||
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Financial year 2024 | 2024 | Substantial contribution criteria | DNSH criteria ('Does Not Significantly Harm') | ||||||||||||||||
Economic activites | Code | CapEx | Proportion of CapEx, year 2024 | Climate change mitigation | Climate change adaption | Water | Pollution | Circular economy | Biodiversity | Climate change mitigation | Climate change adaption | Water | Pollution | Circular economy | Biodiversity | Minimum safeguards | Proportion of Taxonomy aligned (A1) or eligible (A2) CapEx, year 2023 | Category enabling activity) | Category transitional activity |
€ million | % | Y; N; N/EL | Y; N; N/EL | Y; N; N/EL | Y; N; N/EL | Y; N; N/EL | Y; N; N/EL | Y/N | Y/N | Y/N | Y/N | Y/N | Y/N | Y/N | % | E | T | ||
A. TAXONOMY-ELIGIBLE ACTIVITIES | |||||||||||||||||||
A.1 Environmentally sustainable activities (Taxonomy- aligned) | |||||||||||||||||||
Construction of new buildings | CCM 7.1 CCA 7.1 CE 3.1 | 101.4 | 9.1% | Y | N | N/EL | N/EL | N | N/EL | Y | Y | Y | Y | Y | Y | 8.6% | |||
Installation, maintenance and repair of charging stations for electric vehicles in buildings | CCM 7.4 CCA 7.4 | 8.7 | 0.8% | Y | N | N/EL | N/EL | N/EL | N/EL | Y | Y | 0.5% | E | ||||||
Installation, maintenance and repair of instruments and devices for measuring, regulation and controlling energy performance of buildings | CCM 7.5 CCA 7.5 | 0.2 | 0.0% | Y | N | N/EL | N/EL | N/EL | N/EL | Y | Y | 0.1% | E | ||||||
Installation, maintenance and repair of renewable energy technologies | CCM 7.6 CCA 7.6 | 0.0 | 0.0% | Y | N | N/EL | N/EL | N/EL | N/EL | Y | Y | E | |||||||
Acquisition and ownership of buildings | CCM 7.7 CCA 7.7 | 63.3 | 5.7% | Y | N | N/EL | N/EL | N/EL | N/EL | Y | Y | 1.9% | |||||||
CapEx of environmentally sustainable activities (Taxonomy-aligned) (A.1) | 173.6 | 15.6% | 15.6% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | Y | Y | Y | Y | Y | Y | 11.0% | ||||
Of which Enabling | 8.9 | 0.8% | 0.8% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.6% | E | |||||||||
Of which Transitional | 0.0 | 0.0% | 0.0% | 0.0% | T | ||||||||||||||
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Financial year 2024 | 2024 | Substantial contribution criteria | DNSH criteria ('Does Not Significantly Harm') | ||||||||||||||||
Economic activites | Code | CapEx | Proportion of CapEx, year 2024 | Climate change mitigation | Climate change adaption | Water | Pollution | Circular economy | Biodiversity | Climate change mitigation | Climate change adaption | Water | Pollution | Circular economy | Biodiversity | Minimum safeguards | Proportion of Taxonomy aligned (A1) or eligible (A2) CapEx, year 2023 | Category enabling activity) | Category transitional activity |
€ million | % | Y; N; N/EL | Y; N; N/EL | Y; N; N/EL | Y; N; N/EL | Y; N; N/EL | Y; N; N/EL | Y/N | Y/N | Y/N | Y/N | Y/N | Y/N | Y/N | % | E | T | ||
A.2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) | |||||||||||||||||||
EL; N/EL | EL; N/EL | EL; N/EL | EL; N/EL | EL; N/EL | EL; N/EL | ||||||||||||||
Transportation by motorbikes, passenger cars and light commercial vehicles | CCM 6.5 CCA 6.5 | 52.7 | 4.7% | EL | EL | N/EL | N/EL | N/EL | N/EL | 4.5% | |||||||||
Freight transport services by road | CCM 6.6 CCA 6.6 | 4.9 | 0.4% | EL | EL | N/EL | N/EL | N/EL | N/EL | ||||||||||
Construction of new buildings | CCM 7.1 CCA 7.1 CE 3.1 | 27.0 | 2.4% | EL | EL | N/EL | N/EL | EL | N/EL | 4.6% | |||||||||
Renovation of existing buildings | CCM 7.2 CCA 7.2 CE 3.2 | 102.9 | 9.2% | EL | EL | N/EL | N/EL | EL | N/EL | 10.2% | |||||||||
Installation, maintenance and repair of energy efficiency equipment | CCM 7.3 CCA 7.3 | 3.3 | 0.3% | EL | EL | N/EL | N/EL | N/EL | N/EL | 0.6% | |||||||||
Acquisition and ownership of buildings | CCM 7.7 CCA 7.7 | 481.7 | 43.2% | EL | EL | N/EL | N/EL | N/EL | N/EL | 48.2% | |||||||||
CapEx of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2) | 672.4 | 60.3% | 60.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 68.2% | ||||||||||
A. CapEx of Taxonomy eligible activities (A.1+A.2) | 846.0 | 75.9% | 75.9% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 79.2% | ||||||||||
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES | |||||||||||||||||||
CapEx of Taxonomy-non-eligible activities | 269.1 | 24.1% | |||||||||||||||||
Total | 1,115.1 | 100.0% | |||||||||||||||||
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Financial year 2024 | 2024 | Substantial contribution criteria | DNSH criteria ('Does Not Significantly Harm') | ||||||||||||||||
Economic activites | Code | OpEx | Proportion of OpEx, year 2024 | Climate change mitigation | Climate change adaption | Water | Pollution | Circular economy | Biodiversity | Climate change mitigation | Climate change adaption | Water | Pollution | Circular economy | Biodiversity | Minimum safeguards | Proportion of Taxonomy aligned (A1) or eligible (A2) OpEx, year 2023 | Category enabling activity) | Category transitional activity |
€ million | % | Y; N; N/EL | Y; N; N/EL | Y; N; N/EL | Y; N; N/EL | Y; N; N/EL | Y; N; N/EL | Y/N | Y/N | Y/N | Y/N | Y/N | Y/N | Y/N | % | E | T | ||
A. TAXONOMY-ELIGIBLE ACTIVITIES | |||||||||||||||||||
A.1 Environmentally sustainable activities (Taxonomy- aligned) | |||||||||||||||||||
OpEx of environmentally sustainable activities (Taxonomy-aligned) (A.1) | 0.0 | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | Y | 0.0% | |||||||||
Of which Enabling | 0.0 | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | Y | 0.0% | E | ||||||||
Of which Transitional | 0.0 | 0.0% | 0.0% | Y | 0.0% | T | |||||||||||||
A.2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) | |||||||||||||||||||
EL; N/EL | EL; N/EL | EL; N/EL | EL; N/EL | EL; N/EL | EL; N/EL | ||||||||||||||
Transportation by motorbikes, passenger cars and light commercial vehicles | CCM 6.5 CCA 6.5 | 1.8 | 2.8% | EL | EL | N/EL | N/EL | N/EL | N/EL | 3.2% | |||||||||
Freight transport services by road | CCM 6.6 CCA 6.6 | 0.9 | 1.4% | EL | EL | N/EL | N/EL | N/EL | N/EL | ||||||||||
Acquisition and ownership of buildings | CCM 7.7 CCA 7.7 | 61.9 | 95.8% | EL | EL | N/EL | N/EL | N/EL | N/EL | 96.8% | |||||||||
OpEx of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2) | 64.6 | 100.0% | 100.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 100.0% | ||||||||||
A. OpEx of Taxonomy eligible activities (A.1+A.2) | 64.6 | 100.0% | 100.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 100.0% | ||||||||||
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES | |||||||||||||||||||
OpEx of Taxonomy-non-eligible activities | 0.0 | 0.0% | |||||||||||||||||
Total | 64.6 | 100.0% | |||||||||||||||||
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Proportion of turnover / Total turnover | ||
Taxonomy-aligned per objective | Taxonomy-eligible per objective | |
CCM | 0.0% | 0.2% |
CCA | 0.0% | 0.0% |
WTR | 0.0% | 0.0% |
CE | 0.0% | 2.7% |
PPC | 0.0% | 0.0% |
BIO | 0.0% | 0.0% |
Proportion of CapEx / Total CapEx | ||
Taxonomy-aligned per objective | Taxonomy-eligible per objective | |
CCM | 15.6% | 60.3% |
CCA | 0.0% | 0.0% |
WTR | 0.0% | 0.0% |
CE | 0.0% | 0.0% |
PPC | 0.0% | 0.0% |
BIO | 0.0% | 0.0% |
Proportion of OpEx / Total OpEx | ||
Taxonomy-aligned per objective | Taxonomy-eligible per objective | |
CCM | 0.0% | 100.0% |
CCA | 0.0% | 0.0% |
WTR | 0.0% | 0.0% |
CE | 0.0% | 0.0% |
PPC | 0.0% | 0.0% |
BIO | 0.0% | 0.0% |
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Nature of impact | Value chain | Description | Management |
Climate change mitigation | |||
Actual negative | Own operations | Kesko‘s own operations generate greenhouse gas (GHG) emissions (Scope 1 and Scope 2). The most significant source of Scope 1 emissions is from the fuel emissions of transportation and logistics. The most significant source of Scope 2 emissions is from district heating consumption emissions. | • Kesko has set Scope 1 and Scope 2 climate targets to reduce GHG emissions. We are pursuing validation of our emissions targets through the Science Based Targets initiative (SBTi). • The most significant investments in emissions reductions are related to the electrification of the logistics fleet and improving energy efficiency by installing energy recycling systems. |
Actual negative | Value chain | Kesko‘s value chain generates GHG emissions (Scope 3). Most of the value chain emissions arise during the life cycle of purchased and sold products, from their production, use, and end-of-life treatment. Additionally, emissions are generated from the manufacturing and transportation of capital goods. | • Kesko is committed to setting net-zero targets and reduce emissions in the entire value chain to net zero by 2050. We are pursuing validation for these targets through SBTi. • Suppliers are encouraged to set their own science-based emissions targets. |
Energy | |||
Actual negative | Own operations | The consumption of fossil energy sources in properties owned and managed by Kesko and in transport and logistics generates GHG emissions. | • The transition to fossil-free energy sources and the electrification of logistics transport. • Consumption of renewable and non-fossil purchased electricity and heat. |
Time horizon | Nature of risk | Description | Management |
Medium-term | Physical risk | Kesko owns and manages a significant number of properties through leases in all its operating countries. In the future, increasing extreme weather events will put additional strain on these properties. Individual assets may face risks of damage or investment needs due to extreme weather phenomena. | • Construction projects take into account common climate risks observed in Finland, such as heat stress, heavy rainfall, and snow loads on roofs. • A risk assessment is conducted for properties to identify climate risks. Preparing for future climate risks is integrated into property planning guidelines. |
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Target | ||||
Target | Unit | 2024 | 2026 | 2030 |
Greenhouse gas emissions (Scope 1 + Scope 2 market-based) | tCO2eq | 84,576 | ~59,000 | |
Greenhouse gas emissions (Scope 3 Purchased goods and services), emissions reductions targets of suppliers | % | 48% | 67% | |
Energy efficiency measures | GWh | 20.9 | 95.0 | |
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50 |
MWh | 2024 |
Energy consumption from non-renewable sources | |
Fuel consumption from coal and coal products | - |
Fuel consumption from crude oil and petroleum products | 184,372 |
Fuel consumption from natural gas | 6,211 |
Fuel consumption from other fossil sources | 2,326 |
Consumption of purchased or acquired electricity, heat, steam, and cooling from fossil sources | 120,811 |
Total fossil energy consumption | 313,720 |
Share of fossil sources in total energy consumption, % | 42% |
Consumption from nuclear sources | 302,436 |
Share of consumption from nuclear sources in total energy consumption, % | 40% |
Energy consumption from renewable sources | |
Fuel consumption for renewable sources | 655 |
Consumption of purchased or acquired electricity, heat, steam, and cooling from renewable sources | 126,856 |
The consumption of self-generated non-fuel renewable energy | 9,027 |
Total renewable energy consumption | 136,538 |
Share of renewable sources in total energy consumption, % | 18% |
Total energy consumption | 752,695 |
MWh / Net sales, € million | 2024 |
Energy intensity from activities in high climate impact sectors based on net sales | 63 |
51 |
Base year | Target | ||
tCO2eq | 2024 | 2030 | Average annual emission reduction (%) |
Scope 1 GHG Emissions | |||
Gross Scope 1 GHG emissions | 56,637 | ~43,000 | 3.9% |
Percentage of Scope 1 GHG emissions from regulated emission trading scheme, % | |||
Scope 2 GHG Emissions | |||
Gross location-based Scope 2 GHG emissions | 42,950 | ~42,000 | 0.4% |
Gross market-based Scope 2 GHG emissions | 27,939 | ~16,000 | 7.3% |
Significant Scope 3 GHG emissions | |||
Total gross indirect Scope 3 GHG emissions | 7,122,142 | ||
1 Purchased goods and services | 6,108,778 | ||
2 Capital goods | 144,096 | ||
3 Fuel and energy-related Activities (not included in Scope 1 or Scope 2) | 8,372 | ||
4 Upstream transportation and distribution | 90,076 | ||
5 Waste generated in operations | 9,488 | ||
6 Business travelling | 1,774 | ||
7 Employee commuting | 9,140 | ||
8 Upstream leased assets (Kesko as a lessee) | |||
9 Downstream transportation | 87,713 | ||
10 Processing of sold products | |||
11 Use of sold products | 505,950 | ||
12 End-of-life treatment of sold products | 126,873 | ||
13 Downstream leased asset (Kesko as a lessor) | |||
14 K-retailers (Franchising) | 29,881 | ||
15 Investments | |||
Total GHG emissions | |||
Total GHG emissions, location-based | 7,221,729 | ||
Total GHG emissions, market-based | 7,206,718 | ||
52 |
tCO2eq | 2024 |
Direct GHG emissions (Scope 1) | |
Transportation, logistics and company cars | 48,954 |
Self-produced heat | 3,296 |
Refrigerant leakages | 4,386 |
Total (Scope 1) | 56,637 |
Indirect GHG emissions (Scope 2) | |
Location-based | 42,950 |
Purchased electricity | 12,871 |
District heat | 30,078 |
District cooling | - |
Market-based | 27,939 |
Purchased electricity | 4,538 |
District heat | 23,401 |
tCO2eq / Net sales, € million | 2024 |
Total GHG emissions (location-based) per net sales | 606 |
Total GHG emissions (market-based) per net sales | 605 |
53 |
54 |
55 |
56 |
Nature of impact | Value chain | Description | Management |
Resource outflows related to packaging | |||
Actual negative | Own operations | The logistics chain of products includes several packages, from logistics packaging to the sales packaging of a single product. | • Reducing the use of plastic in packaging. • Participation in R&D projects on packaging materials. |
Waste and food waste | |||
Actual negative | Own operations | Waste is generated in Kesko’s operations, especially in warehousing and stores. | • Increasing the waste recycling rate by ensuring proper collection facilities at each site and personnel competence. • Reducing amount of energy waste for incineration. |
Actual negative | Own operations | Kesko’s warehousing and wholesalers generate food waste. | • Food waste hierarchy measures to prevent waste through order and selection management and an efficient logistics process. |
Actual negative | Downstream | K-food retailers’ store operations generate food waste. | • Food waste hierarchy measures to prevent waste through order and selection management, and discounted prices as the best-before date or expiry date approaches. |
Target | |||
Target | Unit | 2024 | 2030 |
Waste recycling rate | % | 67% | 73% |
Food waste in Kesko’s warehousing and logistics operations | % | 0.45% | 0.22% |
Food waste in K-food retailers’ store operations | % | 1.68% | 1.10% |
57 |
58 |
Target | ||||
Target | Unit | 2019 | 2024 | 2030 |
% | 0.44% | 0.45% | 0.22% | |
Food waste in K-food retailers’ store operations | % | 2.12% | 1.68% | 1.10% |
59 |
Tonnes | 2024 |
Non-hazardous waste | 27,177 |
Hazardous waste | 782 |
Total waste | 27,959 |
Total recycled waste | 18,854 |
Total non-recyclable waste | 9,105 |
Percentage of non-recyclable waste from total waste, % | 33% |
Tonnes | 2024 |
Waste diverted from disposal | |
Preparation for reuse | - |
Recycling | 18,470 |
Other recovery operations | 7,959 |
Total waste diverted from disposal | 26,430 |
Waste directed to disposal | |
Incineration | 210 |
Landfill | 531 |
Other disposal operations | 6 |
Total waste directed to disposal | 747 |
Total non-hazardous waste | 27,177 |
Tonnes | 2024 |
Waste diverted from disposal | |
Preparation for reuse | 2 |
Recycling | 384 |
Other recovery operations | 376 |
Total waste diverted from disposal | 762 |
Waste directed to disposal | |
Incineration | 9 |
Landfill | 2 |
Other disposal operations | 9 |
Total waste directed to disposal | 21 |
Total hazardous waste | 782 |
60 |
61 |
Sub-topics | Nature of impact | Value chain | Description | Management |
Working conditions | ||||
Employment and cooperation between the parties • Secure employment • Adequate wage • Collective bargaining • Social dialogue | Potential positive | Own operations | Ongoing cooperation with employees and employee representatives on secure employment, adequate wages, employment terms and dialogue ensure fair employment terms and working conditions for employees. | Kesko has agreed cooperation concepts in place that allow employees to influence matters that concern them and that describe the way in which ongoing dialogue can be used to influence the culture of cooperation. |
Ways of working, work-life balance • Working time • Work-life balance | Potential positive | Own operations | Improving the ways of working and work-life balance provide the opportunity for meaningful and flexible working throughout the life cycle of an employment relationship. The entitlement and opportunity for employees to take family leave are essential. We offer various options to ensure employees achieve balance between work and private life. | We are enhancing workplace flexibility and streamlining processes, and offer a range of flexibilities, such as flexible working hours, adaptable working time, part-time work and, for specialists, hybrid work. These possibilities have an impact on job satisfaction, a good employee experience and commitment to the job. |
Health, safety and wellbeing | Actual negative | Own operations | We offer a wide range of jobs, and the health and safety challenges of these jobs also vary. These may affect employees’ work capacity in the short or long term. | We respond to the identified impacts with an occupational safety management model and systematic planning to anticipate and mitigate various occupational health and safety challenges. The weighting of impacts and their management vary in different units and age groups. |
Equal treatment and opportunities for all | ||||
Equal treatment and inclusion • Gender equality and equal pay • Diversity • Measures against harassment in the workplace | Potential positive | Own operations | Equal treatment, diversity and inclusion have a major impact on the attractiveness of a workplace and employee retention. Kesko has a zero-tolerance policy on violence and harassment to ensure employees’ health and safety. | We manage impacts related to equal treatment through the DEI (diversity, equity, inclusion) programme. Non-discriminatory recruitment, good management, functional HR practices, anti- harassment policies and training promote positive impacts. We ensure gender equality and equal remuneration through our remuneration principles and practices. |
Training and skills development | Potential positive | Own operations | Employees have the opportunity for continuous learning, skills development and career advancement. | Competence development is based on business targets. In accordance with the management model’s annual cycle, a development discussion is held between managers and employees to agree on the competence development actions. Kesko has a range of classroom and online training courses for employees, and information on available trainings is provided on the intranet. |
62 |
Target | |||
Target | Unit | 2024 | 2030 |
Workplace injuries, own workforce | Total Recordable Injury Frequency (TRIF) | 25.9 | 22.0 |
Employee wellbeing | Wellbeing index | 83 | 86 |
Diversity and inclusion | D&I index | 87 | 89 |
Gender balance in top management | % of underrepresented gender | 27.7% | 40.0% |
Gender balance in middle management | % of underrepresented gender | 32.8% | 45.0% |
63 |
Gender | Number of employees |
Male | 10,853 |
Female | 7,444 |
Other | 12 |
Not reported | - |
Total employees | 18,309 |
Country | Number of employees |
Finland | 12,555 |
Norway | 2,091 |
64 |
2024 | |||||
Male | Female | Other | Not reported | Total | |
Employees | 7,444 | 10,853 | 12 | - | 18,309 |
Permanent | 6,528 | 9,183 | 10 | - | 15,721 |
Temporary | 659 | 896 | 1 | - | 1,556 |
Non-guaranteed hours | 257 | 774 | 1 | - | 1,032 |
Full-time | 3,845 | 8,533 | 4 | - | 12,382 |
Part-time | 3,599 | 2,320 | 8 | - | 5,927 |
2024 | |
Number of employees who have left undertaking | 4,161 |
Employee turnover, % | 18.5% |
2024 | ||||||||||
Finland | Norway | Sweden | Denmark | Estonia | Latvia | Lithuania | Poland | China* | Total | |
Number of employees | 12,555 | 2,091 | 1,458 | 893 | 181 | 93 | 88 | 935 | 15 | 18,309 |
Permanent | 10,862 | 1,711 | 1,224 | 825 | 172 | 93 | 87 | 732 | 15 | 15,721 |
Temporary | 794 | 380 | 101 | 68 | 9 | - | 1 | 203 | - | 1,556 |
Non-guaranteed hours | 899 | - | 133 | - | - | - | - | - | - | 1,032 |
Full-time | 7,746 | 1,554 | 1,084 | 699 | 179 | 88 | 87 | 930 | 15 | 12,382 |
Part-time | 4,809 | 537 | 374 | 194 | 2 | 5 | 1 | 5 | - | 5,927 |
65 |
66 |
Collective Bargaining Coverage | Social Dialogue | ||
Coverage Rate | Employees – EEA | Employees – Non- EEA | Workplace representation (EEA only) |
0-19% | |||
20-39% | |||
40-59% | |||
60-79% | Finland | ||
80-100% | Norway | Finland, Norway | |
for countries with >50 employees representing >10% total employees | |||
2024 | |
Percentage of total employees covered by collective bargaining agreements | 75.6% |
67 |
2024 | |
Employees that are entitled to take family-related leave, % | 100% |
Male employees that have taken family-related leave, % | 3.2% |
Female employees that have taken family-related leave, % | 5.5% |
Other or unknown that have taken family-related leave, % | - |
68 |
69 |
2024 | |
Number of recordable work-related accidents | 714 |
Rate of recordable work-related accidents (TRIF) | 25.9 |
The number of cases of work-related ill health | 4 |
The number of fatalities as a result of work-related injuries and work-related ill health | - |
The number of days lost to work-related injuries and fatalities | 2,147 |
70 |
Age | Number | Percentage |
Under 30 years | 4,763 | 26.0% |
30-50 years | 8,547 | 46.7% |
over 50 years | 4,999 | 27.3% |
Gender | Number | Percentage |
Female | 26 | 27.7% |
Male | 68 | 72.3% |
Other or unknown | - | - |
2024 | |
Management | 2% |
Managers and specialists | 3% |
White collar | 3% |
Blue collar | 1% |
71 |
72 |
2024 | |
% of employees that participated in regular performance and development discussions | 92.7% |
Male | 88.1% |
Female | 97.4% |
Other or unknown | 100% |
The average number of training hours per employee | 4.4 |
Male | 5.5 |
Female | 3.2 |
Other or unknown | 1.6 |
73 |
Nature of impact | Value chain | Description | Management |
Working conditions | |||
Potential negative | Upstream | Inadequate working conditions weaken value chain workers’ wellbeing and quality of life. | • The K Code of Conduct for business partners and the amfori BSCI Code of Conduct as part of the contracts with suppliers and service providers include requirements on respecting working conditions and human rights. • We require social responsibility audits and corrective actions where necessary from our direct suppliers in risk countries. |
Child labour and forced labour | |||
Potential negative | Upstream | Infringements of labour rights affecting value chain workers cause suffering for the affected workers and their families. | • The K Code of Conduct for business partners and the amfori BSCI Code of Conduct as part of the contracts with suppliers and service providers include a ban on child labour and forced labour. • We require social responsibility audits and corrective actions where necessary from our direct suppliers in risk countries. |
Time horizon | Description | Management |
Short-term | A breach of the supplier agreement between the supplier and Kesko and conduct that violates the K Code of Conduct may affect Kesko’s reputation and lead to disruptions in business operations if the business relationship with the supplier has to be terminated. | • We require social responsibility audits and corrective actions where necessary from our direct suppliers in risk countries. |
74 |
75 |
76 |
77 |
Sub-topics | Nature of impact | Value chain | Description | Management |
Health and safety | ||||
Enabling healthy choices | Potential positive | Downstream | Kesko has the opportunity to influence the health of consumers and end-users by offering healthier products that contain less salt, sugar or saturated fat. | • Reducing the amount of salt, sugar and fat in private label food products by reformulating the nutritional content of products. |
Product safety | Potential negative | Downstream | Deficiencies in the safety of the products sold by Kesko can have significant negative impacts on the health and safety of consumers and end-users. | • Documented own-control plans for food safety management. • Safety and quality systems. |
Privacy | ||||
Data protection | Potential negative | Downstream | Kesko processes large amounts of data related to consumers’ personal data in its operations. Deficiencies in Kesko’s data protection principles and personal data processing procedures can expose consumers to misuse of their personal data. | • The data protection compliance programme ensures that competence and awareness of data protection guidelines in relation to protection of personal data remain at a high level. |
Sub-topics | Time horizon | Description | Management |
Health and safety | |||
Product safety | Short-term | The realisation of product safety risk may cause reputational damage and may result in liability for damages for Kesko. | • Documented own-control plans for food safety management. • Safety and quality systems. • Risk assessments and continuous improvement of processes. |
Privacy | |||
Data protection | Short-term | The realisation of data protection risk may cause reputational damage and may result in liability for damages for Kesko. | • Risk assessments are conducted at the planning stage of personal data processing. • Data protection risk management conducted as part of the annual risk assessment process. |
78 |
79 |
Target | |||
Target | Unit | 2024 | 2025 |
Decrease the amount of salt in private label products | kg | 15,353 | 50,000 |
Decrease the amount of sugar in private label products | kg | 97,171 | 200,000 |
Decrease the amount of saturated fat in private label products | kg | 32,347 | 50,000 |
80 |
81 |
82 |
83 |
Nature of impact | Value chain | Description | Management |
Corporate culture | |||
Potential positive | Own operations, value chain | The K Code of Conduct supports the principles of ethical corporate culture. Kesko has two versions of the K Code of Conduct: a K Code of Conduct that covers the entire K Group and a separate K Code of Conduct for business partners. Both support the principles of an ethical corporate culture throughout the value chain. | Corporate culture is strengthened by training and communication, and effective investigation of potential cases. Tone from the top – corporate culture is strongly shaped by participation of management and leading by example. |
Whistleblower protection | |||
Potential positive | Own operations, value chain | Kesko has a confidential SpeakUp channel that is open to personnel, customers, suppliers and other stakeholders. Kesko has anti-harassment and non-discrimination policies in place which, in line with the absolute prohibition of retaliation, ensure that the reporting of incidents or suspected incidents does not adversely affect the reporter or their employment relationship. | Kesko communicates on the SpeakUp channel to ensure people are aware of the channel and the principles of whistleblower protection, thus encouraging people to report concerns. Reports are investigated promptly and impartially, and it is ensured that the prohibition of retaliation is upheld in practice. |
Corruption and bribery | |||
Potential negative | Own operations, upstream | Potential cases of corruption and bribery have a negative impact on society and undermine trust throughout the value chain. Kesko has a zero-tolerance approach to corruption and bribery. Prevention of corruption and bribery is an integral part of the K Code of Conduct and contributes to creating a more ethical value chain. | Communication and training is provided to ensure that personnel know what to do and how to identify cases of corruption and bribery and report them to the right parties. |
Relationships with suppliers and service providers | |||
Potential positive | Upstream | Kesko‘s requirements for suppliers and service providers, such as commitment to the K Code of Conduct for business partners, promote an ethical and sustainable value chain. | The K Code of Conduct for business partners and other Kesko requirements are incorporated into suppliers’ and service providers' contracts. Trainings and information events are organised for suppliers and service providers. |
Time horizon | Description | Management |
Short-term | Increasing sustainability regulation may lead to changes in the business model and require investments only to meet legislative requirements. | Changes in regulation are monitored actively and the impact of changes on business is assessed proactively. |
84 |
Target | |||
Target | Unit | 2024 | 2030 |
Employee commitment to K Code of Conduct | % | 85% | 100% |
85 |
86 |
87 |
ESRS 2 General disclosures | Page |
BP-1 General basis for preparation of sustainability statements | 24 |
GOV-1 Disclosures in relation to specific circumstances | 33, 34 |
GOV-2 Information provided to and sustainability matters addressed by the undertaking’s administrative, management and supervisory bodies | 33, 34 |
GOV-3 Integration of sustainability-related performance in incentive schemes | 35 |
GOV-4 Statement of due diligence | 35 |
GOV-5 Risk management and internal controls over sustainability reporting | 24 |
SBM-1 Strategy, business model and value chain | 30, 31 |
SBM-2 Interests and views of stakeholders | 32 |
SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model | 27, 62, 73, 74, 78 |
IRO-1 Description of the processes to identify and assess material impacts, risks and opportunities | 27, 28, 29, 30 |
IRO-2 Disclosure requirements in ESRS covered by the undertaking’s sustainability statement | 27, 87, 88 |
Environment | Page |
E1 Climate change | |
E1-1 Transition plan for climate change mitigation | 48, 49 |
E1-2 Policies related to climate change mitigation and adaptation | 48 |
E1-3 Actions and resources in relation to climate change policies | 48, 49, 50 |
E1-4 Targets related to climate change mitigation and adaptation | 47 |
E1-5 Energy consumption and mix | 50, 51 |
E1-6 Gross Scopes 1, 2, 3 and Total GHG emissions | 51, 52, 53, 54, 55 |
E5 Resource use and circular economy | |
E5-1 Policies related to resource use and circular economy | 57 |
E5-2 Actions and resources related to resource use and circular economy | 57, 58, 59 |
E5-3 Targets related to resource use and circular economy | 56 |
E5-5 Resource outflows | 57, 58, 59, 60 |
88 |
Social | Page |
S1 Own workforce | |
S1-1 Policies related to own workforce | 63, 66, 67, 69, 71 |
S1-2 Processes for engaging with own workers and workers’ representatives about impacts | 65 |
S1-3 Processes to remediate negative impacts and channels for own workers to raise concerns | 65, 66 |
S1-4 Taking action on material impacts on own workforce, and approaches to mitigating material risks and pursuing material opportunities related to own workforce, and effectiveness of those actions | 66, 67, 68, 69, 70, 71 |
S1-5 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities | 62, 63 |
S1-6 Characteristics of the undertaking’s employees | 63, 64 |
S1-8 Collective bargaining coverage and social dialogue | 66, 67 |
S1-9 Diversity metrics | 70 |
S1-10 Adequate wages | 66 |
S1-11 Social protection | 66 |
S1-13 Training and skills development metrics | 71, 72 |
S1-14 Health and safety metrics | 69 |
S1-15 Work-life balance metrics | 67 |
S1-16 Compensation metrics (pay gap and total compensation) | 70 |
S1-17 Incidents, complaints and severe human rights impacts | 70 |
S2 Workers in the value chain | |
S2-1 Policies related to value chain workers | 74 |
S2-2 Processes for engaging with value chain workers about impacts | 75 |
S2-3 Processes to remediate negative impacts and channels for value chain workers to raise concerns | 75 |
S2-4 Taking action on material impacts on value chain workers, and approaches to managing material risks and pursuing material opportunities related to value chain workers, and effectiveness of those action | 75, 76 |
S4 Consumers and end-users | |
S4-1 Policies related to consumers and end-users | 79, 80, 81 |
S4-2 Processes for engaging with consumers and end-users about impacts | 78, 79, 81 |
S4-3 Processes to remediate negative impacts and channels for consumers and end-users to raise concerns | 78, 79, 81 |
S4-4 Taking action on material impacts on consumers and end-users, and approaches to managing material risks and pursuing material opportunities related to consumers and end-users, and effectiveness of those actions | 80, 81, 82 |
S4-5 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities | 79 |
Governance | Page |
G1 Business conduct | |
G1-1 Corporate culture and business conduct policies and corporate culture | 84 |
G1-2 Management of relationships with suppliers | 86 |
G1-3 Prevention and detection of corruption and bribery | 85, 86 |
G1-4 Confirmed incidents of corruption or bribery | 86 |
89 |
Disclosure requirement and related datapoint | SFDR reference | Pillar 3 reference | Benchmark regulation reference | EU climate law reference | Materiality | Page |
ESRS 2 GOV-1 Board's gender diversity paragraph 21 (d) | Indicator number 13of Table #1 of Annex 1 | Commission Delegated Regulation (EU) 2020/1816, Annex II | Material | 34 | ||
ESRS 2 GOV-1 Percentage of board members who are independent paragraph 21 (e) | Delegated Regulation (EU) 2020/1816, Annex II | Material | 34 | |||
ESRS 2 GOV-4 Statement on due diligence paragraph 30 | Indicator number 10 Table #3 of Annex 1 | Material | 35 | |||
ESRS 2 SBM-1 Involvement in activities related to fossil fuel activities paragraph 40 (d) i | Indicators number 4 Table #1 of Annex 1 | Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/245328Table 1: Qualitative information on Environmental risk and Table 2: Qualitative information on Social risk | Delegated Regulation (EU) 2020/1816, Annex II | Non-material | ||
ESRS 2 SBM-1 Involvement in activities related to chemical production paragraph 40 (d) ii | Indicator number 9 Table #2 of Annex 1 | Delegated Regulation (EU) 2020/1816, Annex II | Non-material | |||
ESRS 2 SBM-1 Involvement in activities related to controversial weapons paragraph 40 (d) iii | Indicator number 14 Table #1 of Annex 1 | Delegated Regulation (EU) 2020/1818, Article 12(1) Delegated Regulation (EU) 2020/1816, Annex II | Non-material | |||
ESRS 2 SBM-1 Involvement in activities related to cultivation and production of tobacco paragraph 40 (d) iv | Delegated Regulation (EU) 2020/1818, Article 12(1) Delegated Regulation (EU) 2020/1816, Annex II | Non-material | ||||
ESRS E1-1 Transition plan to reach climate neutrality by 2050 paragraph 14 | Regulation (EU) 2021/1119, Article 2(1) | Material | 47 | |||
ESRS E1-1 Undertakings excluded from Paris-aligned Benchmarks paragraph 16 (g) | Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 Template 1: Banking book- Climate Change transition risk: Credit quality of exposures by sector, emissions and residual maturity | Delegated Regulation (EU) 2020/1818, Article12.1 (d) to (g), and Article 12.2 | Material | 47 | ||
ESRS E1-4 GHG emission reduction targets paragraph 34 | Indicator number 4 Table #2 of Annex 1 | Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 Template 3: Banking book – Climate change transition risk: alignment metrics | Delegated Regulation (EU) 2020/1818, Article 6 | Material | 47 | |
ESRS E1-5 Energy consumption from fossil sources disaggregated by sources (only high climate impact sectors) paragraph 38 | Indicator number 5 Table #1 and Indicator n. 5 Table #2 of Annex 1 | Material | 50 | |||
ESRS E1-5 Energy consumption and mix paragraph 37 | Indicator number 5 Table #1 of Annex 1 | Material | 50 | |||
ESRS E1-5 Energy intensity associated with activities in high climate impact sectors paragraphs 40 to 43 | Indicator number 6 Table #1 of Annex 1 | Material | 50 | |||
90 |
Disclosure requirement and related datapoint | SFDR reference | Pillar 3 reference | Benchmark regulation reference | EU climate law reference | Materiality | Page |
ESRS E1-6 Gross Scope 1, 2, 3 and Total GHG emissions paragraph 44 | Indicators number 1 and 2 Table #1 of Annex 1 | Article 449a; Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 Template 1:Banking book – Climate change transition risk: Credit quality of exposures by sector, emissions and residual maturity | Delegated Regulation (EU) 2020/1818, Article 5(1), 6 and 8(1) | Material | 51 | |
ESRS E1-6 Gross GHG emissions intensity paragraphs 53 to 55 | Indicators number 3 Table #1 of Annex 1 | Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 Template 3: Banking book – Climate change transition risk: alignment metrics | Delegated Regulation (EU) 2020/1818, Article 8(1) | Material | 52 | |
ESRS E1-7 GHG removals and carbon credits paragraph 56 | Regulation (EU) 2021/1119, Article 2(1) | Non-material | ||||
ESRS E1-9 Exposure of the benchmark portfolio to climate-related physical risks paragraph 66 | Delegated Regulation (EU) 2020/1818, Annex II Delegated Regulation (EU) 2020/1816, Annex II | Phased-in | ||||
ESRS E1-9 Disaggregation of monetary amounts by acute and chronic physical risk paragraph 66 (a), ESRS E1-9 Location of significant assets at material physical risk paragraph 66 (c). | Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 paragraphs 46 and 47; Template 5: Banking book - Climate change physical risk: Exposures subject to physical risk. | Phased-in | ||||
ESRS E1-9 Breakdown of the carrying value of its real estate assets by energy-efficiency classes paragraph 67 (c). | Article 449a Regulation (EU) No 575/2013; Commission Implementing Regulation (EU) 2022/2453 paragraph 34; Template 2: Banking book -Climate change transition risk: Loans collateralised by immovable property - Energy efficiency of the collateral | Phased-in | ||||
ESRS E1-9 Degree of exposure of the portfolio to climate- related opportunities paragraph 69 | Delegated Regulation (EU) 2020/1818, Annex II | Phased-in | ||||
ESRS E2-4 Amount of each pollutant listed in Annex II of the E- PRTR Regulation (European Pollutant Release and Transfer Register) emitted to air, water and soil, paragraph 28 | Indicator number 8 Table #1 of Annex 1 Indicator number 2 Table #2 of Annex 1 Indicator number 1 Table #2 of Annex 1 Indicator number 3 Table #2 of Annex 1 | Non-material | ||||
ESRS E3-1 Water and marine resources paragraph 9 | Indicator number 7 Table #2 of Annex 1 | Non-material | ||||
ESRS E3-1 Dedicated policy paragraph 13 | Indicator number 8 Table 2 of Annex 1 | Non-material | ||||
91 |
Disclosure requirement and related datapoint | SFDR reference | Pillar 3 reference | Benchmark regulation reference | EU climate law reference | Materiality | Page |
ESRS E3-1 Sustainable oceans and seas paragraph 14 | Indicator number 12 Table #2 of Annex 1 | Non-material | ||||
ESRS E3-4 Total water recycled and reused paragraph 28 (c) | Indicator number 6.2 Table #2 of Annex 1 | Non-material | ||||
ESRS E3-4 Total water consumption in m3 per net revenue on own operations paragraph 29 | Indicator number 6.1 Table #2 of Annex 1 | Non-material | ||||
ESRS 2- IRO 1 - E4 paragraph 16 (a) i | Indicator number 7 Table #1 of Annex 1 | Non-material | ||||
ESRS 2- IRO 1 - E4 paragraph 16 (b) | Indicator number 10 Table #2 of Annex 1 | Non-material | ||||
ESRS 2- IRO 1 - E4 paragraph 16 (c) | Indicator number 14 Table #2 of Annex 1 | Non-material | ||||
ESRS E4-2 Sustainable land / agriculture practices or policies paragraph 24 (b) | Indicator number 11 Table #2 of Annex 1 | Non-material | ||||
ESRS E4-2 Sustainable oceans / seas practices or policies paragraph 24 (c) | Indicator number 12 Table #2 of Annex 1 | Non-material | ||||
ESRS E4-2 Policies to address deforestation paragraph 24 (d) | Indicator number 15 Table #2 of Annex 1 | Non-material | ||||
ESRS E5-5 Non-recycled waste paragraph 37 (d) | Indicator number 13 Table #2 of Annex 1 | Material | 59 | |||
ESRS E5-5 Hazardous waste and radioactive waste paragraph 39 | Indicator number 9 Table #1 of Annex 1 | Material | 59, 60 | |||
ESRS 2- SBM3 - S1 Risk of incidents of forced labour paragraph 14 (f) | Indicator number 13 of Table #1of Annex 1 | Material | 62 | |||
ESRS 2- SBM3 - S1 Risk of incidents of child labour paragraph 14 (g) | Indicator number 12 Table #3 of Annex I | Material | 62 | |||
ESRS S1-1 Human rights policy commitments paragraph 20 | Indicator number 9 Table #3 and Indicator number 11 Table #1 of Annex I | Material | 63, 84 | |||
ESRS S1-1 Due diligence policies on issues addressed by the fundamental International Labor Organisation Conventions 1 to 8, paragraph 21 | Delegated Regulation (EU) 2020/1816, Annex II | Material | 63 | |||
ESRS S1-1 processes and measures for preventing trafficking in human beings paragraph 22 | Indicator number 11 Table #3 of Annex I | Material | 63 | |||
ESRS S1-1 workplace accident prevention policy or management system paragraph 23 | Indicator number 1 Table #3 of Annex I | Material | 67, 68 | |||
ESRS S1-3 grievance/complaints handling mechanisms paragraph 32 (c) | Indicator number 5 Table #3 of Annex I | Material | 65, 66 | |||
ESRS S1-14 Number of fatalities and number and rate of work-related accidents paragraph 88 (b) and (c) | Indicator number 2 Table #3 of Annex I | Delegated Regulation (EU) 2020/1816, Annex II | Material | 69 | ||
ESRS S1-14 Number of days lost to injuries, accidents, fatalities or illness paragraph 88 (e) | Indicator number 3 Table #3 of Annex I | Material | 69 | |||
92 |
Disclosure requirement and related datapoint | SFDR reference | Pillar 3 reference | Benchmark regulation reference | EU climate law reference | Materiality | Page |
ESRS S1-16 Unadjusted gender pay gap paragraph 97 (a) | Indicator number 12 Table #1 of Annex I | Delegated Regulation (EU) 2020/1816, Annex II | Material | 70 | ||
ESRS S1-16 Excessive CEO pay ratio paragraph 97 (b) | Indicator number 8 Table #3 of Annex I | Material | 70 | |||
ESRS S1-17 Incidents of discrimination paragraph 103 (a) | Indicator number 7 Table #3 of Annex I | Material | 70 | |||
ESRS S1-17 Non-respect of UNGPs on Business and Human Rights and OECD paragraph 104 (a) | Indicator number 10 Table #1 and Indicator n. 14 Table #3 of Annex I | Delegated Regulation (EU) 2020/1816, Annex II Delegated Regulation (EU) 2020/1818 Art 12 (1) | Non-material | |||
ESRS 2- SBM3 – S2 Significant risk of child labour or forced labour in the value chain paragraph 11 (b) | Indicators number 12 and n. 13 Table #3 of Annex I | Material | 73, 74 | |||
ESRS S2-1 Human rights policy commitments paragraph 17 | Indicator number 9 Table #3 and Indicator n. 11 Table #1 of Annex 1 | Material | 74 | |||
ESRS S2-1 Policies related to value chain workers paragraph 18 | Indicator number 11 and n. 4 Table #3 of Annex 1 | Material | 74 | |||
ESRS S2-1 Non-respect of UNGPs on Business and Human Rights principles and OECD guidelines paragraph 19 | Indicator number 10 Table #1 of Annex 1 | Delegated Regulation (EU) 2020/1816, Annex II Delegated Regulation (EU) 2020/1818, Art 12 (1) | Non-material | |||
ESRS S2-1 Due diligence policies on issues addressed by the fundamental International Labor Organisation Conventions 1 to 8, paragraph 19 | Delegated Regulation (EU) 2020/1816, Annex II | Material | 74, 75, 76 | |||
ESRS S2-4 Human rights issues and incidents connected to its upstream and downstream value chain paragraph 36 | Indicator number 14 Table #3 of Annex 1 | Material | 76 | |||
ESRS S3-1 Human rights policy commitments paragraph 16 | Indicator number 9 Table #3 of Annex 1 and Indicator number 11 Table #1 of Annex 1 | Non-material | ||||
ESRS S3-1 non-respect of UNGPs on Business and Human Rights, ILO principles or and OECD guidelines paragraph 17 | Indicator number 10 Table #1 Annex 1 | Delegated Regulation (EU) 2020/1816, Annex II Delegated Regulation (EU) 2020/1818, Art 12 (1) | Non-material | |||
ESRS S3-4 Human rights issues and incidents paragraph 36 | Indicator number 14 Table #3 of Annex 1 | Non-material | ||||
ESRS S4-1 Policies related to consumers and end-users paragraph 16 | Indicator number 9 Table #3 and Indicator number 11 Table #1 of Annex 1 | Material | 79, 80, 81 | |||
93 |
Disclosure requirement and related datapoint | SFDR reference | Pillar 3 reference | Benchmark regulation reference | EU climate law reference | Materiality | Page |
ESRS S4-1 Non-respect of UNGPs on Business and Human Rights and OECD guidelines paragraph 17 | Indicator number 10 Table #1 of Annex 1 | Delegated Regulation (EU) 2020/1816, Annex II Delegated Regulation (EU) 2020/1818, Art 12 (1) | Non-material | |||
ESRS S4-4 Human rights issues and incidents paragraph 35 | Indicator number 14 Table #3 of Annex 1 | Non-material | ||||
ESRS G1-1 United Nations Convention against Corruption paragraph 10 (b) | Indicator number 15 Table #3 of Annex 1 | Non-material | ||||
ESRS G1-1 Protection of whistleblowers paragraph 10 (d) | Indicator number 6 Table #3 of Annex 1 | Material | 84, 85 | |||
ESRS G1-4 Fines for violation of anti-corruption and anti- bribery laws paragraph 24 (a) | Indicator number 17 Table #3 of Annex 1 | Delegated Regulation (EU) 2020/1816, Annex II) | Material | 86 | ||
ESRS G1-4 Standards of anti-corruption and anti-bribery paragraph 24 (b) | Indicator number 16 Table #3 of Annex 1 | Non-material |
94 |
Consolidated financial statements (IFRS) ................. | |
Consolidated income statement ................................... | |
Consolidated statement of comprehensive income | |
Consolidated statement of financial position .............. | |
Consolidated statement of cash flows ......................... | |
Consolidated statement of changes in equity ............. | |
Notes to the consolidated financial statements .......... | |
1. Accounting policies for the consolidated financial statements ................................................. | |
1.1 Basic information about the Company ............... | |
1.2 Basis of preparation ............................................. | |
1.3 Critical accounting estimates and assumptions | |
1.4 Critical judgements in applying accounting policies ........................................................................ | |
1.5 Consolidation principles ..................................... | |
1.6 Discontinued operations and non-current assets classified as held for sale and related liabilities ..................................................................... | |
1.7 New IFRS standards and IFRIC interpretations and the impact of new and updated standards ...... | |
2. Financial results .................................................... | |
2.1 Revenue recognition ........................................... | |
2.2 Segment information .......................................... | |
2.3 Material and services .......................................... | |
2.4 Other operating income ..................................... | |
2.5 Operating expenses ............................................ | |
2.6 Foreign exchange differences recognised in operating profit .......................................................... |
2.7 Income tax ............................................................ | |
2.8 Earnings per share .............................................. | |
2.9 Additional details related to the statement of cash flows ................................................................... | |
3. Capital employed ................................................. | |
3.1 Acquisitions .......................................................... | |
3.2 Property, plant and equipment .......................... | |
3.3 Intangible assets .................................................. | |
3.4 Leases .................................................................. | |
3.5 Inventories ........................................................... | |
3.6 Trade and other current receivables ................. | |
3.7 Pension assets ..................................................... | |
3.8 Shares in associates and joint ventures ............ | |
3.9 Provisions ............................................................. | |
4. Capital structure and financial risks ................. | |
4.1 Capital management ........................................... | |
4.2 Shareholders' equity ........................................... | |
4.3 Financial risks ...................................................... | |
4.4 Finance income and costs .................................. | |
4.5 Financial assets and liabilities by category ....... | |
4.6 Commitments and contingencies ...................... | |
5. Other ..................................................................... | |
5.1 Subsidiaries, associates, joint ventures and proportionately consolidated mutual real estate companies .................................................................. | |
5.2 Related party transactions ................................. |
5.3 Share-based compensation ................................ | |
5.4 Legal disputes and possible legal proceedings ............................................................... | |
5.5 Events after the balance sheet date .................. | |
Parent company's financial statements (FAS) .......... | |
Signatures ....................................................................... | |
Auditor's report ............................................................. | |
Assurance report on the sustainability statement ... | |
Auditor's ESEF assurance report ................................ | |
95 |
€ million | Note | 1 Jan.-31 Dec. 2024 | 1 Jan.-31 Dec. 2023 |
Net sales | 2.1 | ||
Materials and services | 2.3 | - | - |
Change in inventory | - | - | |
Other operating income | 2.4 | ||
Employee benefit expense | 2.5 | - | - |
Depreciation, amortisation and impairment charges | 3.2 3.3 | - | - |
Depreciation and impairment charges for right-of-use assets | 3.4 | - | - |
Other operating expenses | 2.5 | - | - |
Share of result of joint ventures | |||
Operating profit | |||
Interest income and other finance income | 4.4 | ||
Interest expense and other finance costs | 4.4 | - | - |
Interest expense for lease liabilities | 4.4 | - | - |
Foreign exchange differences | 4.4 | - | - |
Total finance income and costs | 4.4 | - | - |
Share of result of associates | |||
Profit before tax | |||
Income tax | 2.7 | - | - |
Profit for the year | |||
Profit for the year attributable to | |||
Owners of the parent | |||
Non-controlling interests | |||
Earnings per share for profit attributable to owners of the parent | |||
Basic and diluted, Group total, € | 2.8 |
€ million | Note | 1 Jan.-31 Dec. 2024 | 1 Jan.-31 Dec. 2023 |
Profit for the year | |||
Items that will not be reclassified subsequently to profit or loss | |||
Actuarial gains and losses | 2.7 3.7 | - | |
Items that may be reclassified subsequently to profit or loss | |||
Currency translation differences on foreign operations | 2.7 | - | - |
Share of other comprehensive income of associates and joint ventures | 2.7 | - | |
Cash flow hedge revaluation | 2.7 | - | - |
Total comprehensive income for the year, net of tax | - | - | |
Total comprehensive income for the year | |||
Comprehensive income for the year attributable to | |||
Owners of the parent | |||
Non-controlling interests |
96 |
€ million | Note | 31 Dec. 2024 | 31 Dec. 2023 |
ASSETS | |||
Non-current assets | |||
Property, plant and equipment | 3.2 | ||
Goodwill | 3.3 | ||
Intangible assets | 3.3 | ||
Right-of-use assets | 3.4 | ||
Shares in associates and joint ventures | 3.8 5.1 | ||
Other investments | 4.3 4.5 | ||
Non-current receivables | 4.3 4.5 | ||
Deferred tax assets | 2.7 | ||
Pension assets | 3.7 | ||
Total non-current assets | |||
Current assets | |||
Inventories | 3.5 | ||
Interest-bearing receivables | 3.6 4.5 | ||
Trade receivables | 3.6 4.3 4.5 | ||
Income tax assets | 3.6 | ||
Other non-interest-bearing receivables | 3.6 4.5 | ||
Other financial assets | 4.3 4.5 | ||
Cash and cash equivalents | 4.5 | ||
Total current assets | |||
Non-current assets classified as held for sale | |||
Total assets |
€ million | Note | 31 Dec. 2024 | 31 Dec. 2023 |
EQUITY AND LIABILITIES | |||
Share capital | 4.2 | ||
Share premium | 4.2 | ||
Other reserves | 4.2 | ||
Currency translation differences | 4.2 | - | - |
Revaluation reserve | 4.2 | - | |
Treasury shares | - | - | |
Retained earnings | |||
Equity | |||
Non-controlling interests | |||
Total equity | |||
Non-current liabilities | |||
Interest-bearing non-current liabilities | 4.3 4.5 4.6 | ||
Lease liabilities | 4.5 4.6 | ||
Non-interest-bearing non-current liabilities | 4.3 4.5 | ||
Deferred tax liabilities | 2.7 | ||
Provisions | 3.9 | ||
Total non-current liabilities | |||
Current liabilities | |||
Current interest-bearing liabilities | 4.3 4.5 4.6 | ||
Lease liabilities | 4.5 4.6 | ||
Trade payables | 4.3 4.5 | ||
Other non-interest-bearing liabilities | 4.3 4.5 | ||
Income tax liabilities | |||
Accrued liabilities | 4.3 4.5 | ||
Provisions | 3.9 | ||
Total current liabilities | |||
Liabilities related to non-current assets classified as held for sale | |||
Total liabilities | |||
Total equity and liabilities |
97 |
€ million | Note | 1 Jan.-31 Dec. 2024 | 1 Jan.-31 Dec. 2023 |
Cash flows from operating activities | |||
Profit before tax | |||
Adjustments | |||
Depreciation according to plan | |||
Depreciation and impairment for right-of-use assets | |||
Finance income and costs | |||
Interest expense for lease liabilities | |||
Other adjustments | 2.9 | - | |
Change in working capital | |||
Current non-interest-bearing receivables, increase (-)/decrease (+) | |||
Inventories, increase (-)/decrease (+) | |||
Current non-interest-bearing liabilities, increase (+)/ decrease (-) | - | - | |
- | |||
Interest paid and other finance costs | - | - | |
Interest paid on lease liabilities | - | - | |
Interest received | |||
Dividends and capital repayments received from associated companies and joint ventures | |||
Dividends received from others | |||
Income taxes paid | - | - | |
Net cash flows from operating activities, total |
€ million | Note | 1 Jan.-31 Dec. 2024 | 1 Jan.-31 Dec. 2023 |
Cash flows from investing activities | |||
Payments for acquisition of subsidiary shares, net of cash acquired | 3.1 | - | - |
Payments for investments consolidated using the equity method | - | ||
Payments for property, plant, equipment and intangible assets | 2.9 | - | - |
Proceeds from sale of subsidiaries and businesses, net cash deducted | |||
Proceeds from sale of property, plant, equipment and intangible assets | |||
Proceeds from sale of other investments | |||
Loan receivables and other financial assets, increase (-)/decrease (+) | |||
Net cash flows from investing activities, total | - | - | |
Cash flows from financing activities | |||
Interest-bearing liabilities, increase (+)/decrease (-) | 4.1 | ||
Repayments for lease liabilities | 3.4 4.1 | - | - |
Interest-bearing receivables, increase (-)/ decrease (+) | 4.1 | ||
Dividends paid | - | - | |
Other items | |||
Net cash flows from financing activities, total | - | - | |
Change in cash and cash equivalents | - | ||
Cash and cash equivalents as at 1 January | 4.5 | ||
Currency translation difference adjustment and change in value | - | ||
Cash and cash equivalents as at 31 December | 4.5 |
98 |
€ million | Share capital | Reserves | Currency translation differences | Revaluation reserve | Treasury shares | Retained earnings | Non-controlling interests | Total |
Balance as at 1 January 2024 | - | - | ||||||
Share-based payments | ||||||||
Dividends | - | - | ||||||
Increase of non-controlling interests | - | - | ||||||
Other changes | - | |||||||
Transactions with owners, total | - | - | - | |||||
Comprehensive income | ||||||||
Profit for the period | ||||||||
Actuarial gains and losses | ||||||||
Currency translation differences on foreign operations | - | - | ||||||
Share of other comprehensive income of associates and joint ventures | ||||||||
Cash flow hedge revaluation | - | - | ||||||
Total other comprehensive income for the period, net of tax | - | - | - | |||||
Total comprehensive income for the period | - | - | ||||||
Balance as at 31 December 2024 | - | - | - | |||||
Balance as at 1 January 2023 | - | - | ||||||
Share-based payments | ||||||||
Dividends | - | - | ||||||
Other changes | - | - | ||||||
Transactions with owners, total | - | - | - | - | ||||
Comprehensive income | ||||||||
Profit for the period | ||||||||
Actuarial gains and losses | - | - | ||||||
Currency translation differences on foreign operations | - | - | ||||||
Share of other comprehensive income of associates and joint ventures | - | - | ||||||
Cash flow hedge revaluation | - | - | ||||||
Total other comprehensive income for the period, net of tax | - | - | - | - | ||||
Total comprehensive income for the period | - | - | ||||||
Balance as at 31 December 2023 | - | - |
99 |
100 |
101 |
102 |
103 |
104 |
105 |
€ million | Grocery trade | Building and technical trade | Car trade | Common functions | Total |
Division net sales | 6,381.4 | 4,351.6 | 1,209.4 | 1.5 | 11,943.9 |
of which intersegment sales | -16.1 | 0.2 | -7.3 | -0.7 | -23.9 |
Net sales from external customers | 6,365.3 | 4,351.8 | 1,202.1 | 0.8 | 11,920.1 |
Change in net sales in local currency excluding acquisitions and disposals, % | 0.4 | -6.0 | -4.0 | - | -2.3 |
Change in net sales, % | 0.5 | 3.8 | -4.2 | - | 1.2 |
Other division income | 813.0 | 144.1 | 29.0 | 12.7 | 998.7 |
of which intersegment income | -0.9 | -2.0 | 0.1 | -1.3 | -4.1 |
Other operating income from external customers | 812.0 | 142.1 | 29.1 | 11.3 | 994.6 |
Depreciation and amortisation | -108.6 | -76.9 | -31.4 | -31.0 | -247.9 |
Depreciation and impairment charges for right-of-use assets | -243.9 | -100.8 | -24.2 | -6.6 | -375.5 |
Share of result of joint ventures | - | 20.9 | - | - | 20.9 |
Operating profit | 420.9 | 116.3 | 69.3 | -26.9 | 579.5 |
Items affecting comparability | -17.2 | -52.8 | -0.0 | -0.5 | -70.6 |
Comparable operating profit | 438.0 | 169.1 | 69.3 | -26.4 | 650.1 |
Finance income and costs | -111.7 | ||||
Share of result of associates | 3.8 | ||||
Profit before tax | 471.5 |
106 |
€ million | Grocery trade | Building and technical trade | Car trade | Common functions | Eliminations | Total |
Property, plant, equipment and intangible assets | 1,697.0 | 1,215.9 | 286.5 | 82.4 | -1.3 | 3,280.5 |
Right-of-use assets | 1,258.9 | 472.3 | 78.6 | 57.9 | - | 1,867.7 |
Interests in associates and joint ventures and other investments | 6.2 | 160.8 | 0.1 | 88.1 | -0.6 | 254.5 |
Pension assets | 18.6 | 5.0 | - | 103.8 | - | 127.5 |
Inventories | 285.8 | 586.0 | 229.7 | - | - | 1,101.5 |
Trade receivables | 363.5 | 524.1 | 71.1 | 2.1 | -2.9 | 957.9 |
Other non-interest-bearing receivables | 71.5 | 197.5 | 24.2 | 45.5 | -31.5 | 307.2 |
Interest-bearing receivables | 1.1 | - | - | 61.9 | - | 63.0 |
Non-current assets classified as held for sale | - | 6.6 | - | - | - | 6.6 |
Assets included in capital employed | 3,702.7 | 3,168.1 | 690.1 | 441.7 | -36.3 | 7,966.3 |
Unallocated items | ||||||
Deferred tax assets | 16.9 | |||||
Other financial assets | 15.0 | |||||
Cash and cash equivalents | 473.1 | |||||
Total assets | 3,702.7 | 3,168.1 | 690.1 | 441.7 | -36.3 | 8,471.2 |
Trade payables | 603.4 | 736.3 | 52.3 | 14.6 | -2.2 | 1,404.4 |
Other non-interest-bearing liabilities | 312.6 | 269.7 | 113.4 | 45.5 | -22.7 | 718.5 |
Provisions | 1.1 | 5.2 | 12.6 | 0.5 | - | 19.5 |
Liabilities related to non-current assets classified as held for sale | - | 0.1 | - | - | - | 0.1 |
Liabilities included in capital employed | 917.1 | 1,011.4 | 178.3 | 60.6 | -24.9 | 2,142.4 |
Unallocated items | ||||||
Interest-bearing liabilities | 1,345.3 | |||||
Lease liabilities | 2,051.0 | |||||
Other non-interest-bearing liabilities | 121.3 | |||||
Deferred tax liabilities | 76.3 | |||||
Total liabilities | 917.1 | 1,011.4 | 178.3 | 60.6 | -24.9 | 5,736.3 |
Total capital employed as at 31 December | 2,785.6 | 2,156.7 | 511.8 | 381.1 | -11.4 | 5,823.8 |
Average capital employed | 2,734.9 | 2,172.8 | 503.0 | 350.7 | -2.7 | 5,758.7 |
Return on capital employed, %, comparable | 16.0 | 7.8 | 13.8 | - | - | 11.3 |
Number of personnel as at 31 December | 8,257 | 7,341 | 1,752 | 959 | 18,309 | |
Average number of personnel converted into full-time employees | 6,346 | 6,538 | 1,556 | 908 | 15,347 |
107 |
€ million | Grocery trade | Building and technical trade | Car trade | Common functions | Total |
Division net sales | 6,351.6 | 4,193.2 | 1,262.3 | -0.0 | 11,807.1 |
of which intersegment sales | -16.5 | 0.9 | -7.4 | -0.3 | -23.3 |
Net sales from external customers | 6,335.1 | 4,194.1 | 1,254.9 | -0.3 | 11,783.8 |
Change in net sales in local currency excluding acquisitions and disposals, % | 3.7 | -10.5 | 13.9 | - | -0.8 |
Change in net sales, % | 3.7 | -8.7 | 12.2 | - | -0.2 |
Other division income | 803.6 | 135.8 | 29.3 | 10.6 | 979.3 |
of which intersegment income | -0.4 | -1.8 | 0.1 | -2.0 | -4.1 |
Other operating income from external customers | 803.2 | 133.9 | 29.4 | 8.7 | 975.2 |
Depreciation and amortisation | -93.6 | -30.8 | -28.6 | -31.0 | -184.0 |
Depreciation and impairment charges for right-of-use assets | -232.0 | -91.9 | -22.8 | -6.4 | -353.2 |
Share of result of joint ventures | - | 19.0 | - | - | 19.0 |
Operating profit | 443.6 | 201.9 | 82.4 | -32.6 | 695.4 |
Items affecting comparability | -1.3 | -10.5 | -0.1 | -4.8 | -16.7 |
Comparable operating profit | 444.8 | 212.5 | 82.6 | -27.8 | 712.0 |
Finance income and costs | -83.9 | ||||
Share of result of associates | 2.1 | ||||
Profit before tax | 613.5 |
108 |
€ million | Grocery trade | Building and technical trade | Car trade | Common functions | Eliminations | Total |
Property, plant, equipment and intangible assets | 1,534.9 | 1,035.5 | 265.7 | 96.4 | -1.8 | 2,930.7 |
Right-of-use assets | 1,233.1 | 441.4 | 81.1 | 61.2 | - | 1,816.9 |
Interests in associates and joint ventures and other investments | 5.5 | 155.7 | 0.1 | 86.2 | -0.6 | 246.8 |
Pension assets | 18.6 | 4.9 | - | 56.0 | - | 79.6 |
Inventories | 271.9 | 578.2 | 233.8 | - | - | 1,083.9 |
Trade receivables | 389.8 | 509.9 | 71.2 | 2.1 | -2.5 | 970.5 |
Other non-interest-bearing receivables | 80.3 | 189.2 | 28.1 | 35.9 | -15.6 | 318.0 |
Interest-bearing receivables | 1.7 | 0.0 | - | 65.3 | - | 66.9 |
Assets included in capital employed | 3,535.9 | 2,914.9 | 680.0 | 403.1 | -20.6 | 7,513.3 |
Unallocated items | ||||||
Deferred tax assets | 13.7 | |||||
Other financial assets | 15.4 | |||||
Cash and cash equivalents | 211.9 | |||||
Total assets | 3,535.9 | 2,914.9 | 680.0 | 403.1 | -20.6 | 7,754.3 |
Trade payables | 620.4 | 717.7 | 55.4 | 26.5 | -1.7 | 1,418.3 |
Other non-interest-bearing liabilities | 295.0 | 242.2 | 96.6 | 47.3 | -16.6 | 664.5 |
Provisions | 0.2 | 5.2 | 13.2 | 0.4 | - | 18.9 |
Liabilities included in capital employed | 915.5 | 965.0 | 165.2 | 74.2 | -18.3 | 2,101.7 |
Unallocated items | ||||||
Interest-bearing liabilities | 789.2 | |||||
Lease liabilities | 1,997.9 | |||||
Other non-interest-bearing liabilities | 36.3 | |||||
Deferred tax liabilities | 70.9 | |||||
Total liabilities | 915.5 | 965.0 | 165.2 | 74.2 | -18.3 | 4,995.9 |
Total capital employed as at 31 December | 2,620.4 | 1,949.8 | 514.7 | 329.0 | -2.3 | 5,411.6 |
Average capital employed | 2,555.4 | 1,865.1 | 523.6 | 371.5 | -2.3 | 5,313.3 |
Return on capital employed, %, comparable | 17.4 | 11.4 | 15.8 | - | - | 13.4 |
Number of personnel as at 31 December | 8,184 | 6,934 | 1,641 | 943 | 17,702 | |
Average number of personnel converted into full-time employees | 6,257 | 6,073 | 1,531 | 905 | 14,766 |
109 |
€ million | 2024 | 2023 |
Gains on disposal | +11.4 | +0.4 |
Losses on disposal | -1.6 | -1.0 |
Impairment charges | -40.0 | - |
Structural arrangements | -40.4 | -16.1 |
Items in operating profit affecting comparability, total | -70.6 | -16.7 |
110 |
€ million | 2024 | 2023 |
Operating profit, comparable | ||
Operating profit | 579.5 | 695.4 |
Net of | ||
Items in operating profit affecting comparability | -70.6 | -16.7 |
Operating profit, comparable | 650.1 | 712.0 |
Return on capital employed, comparable, % | ||
Operating profit, comparable | 650.1 | 712.0 |
Capital employed, average | 5,758.7 | 5,313.3 |
Return on capital employed, comparable, % | 11.3 | 13.4 |
Comparable change in net sales | ||
Net sales, grocery trade | 6,381.4 | 6,351.6 |
Effect of acquisitions and divestments | -3.7 | |
Change in net sales, comparable, % | 0.4 | |
Net sales, building and technical trade | 4,351.6 | 4,193.2 |
Foreign exchange effects | -2.8 | |
Effect of acquisitions and divestments | -407.9 | |
Change in net sales, comparable, % | -6.0 | -10.5 |
Net sales, car trade | 1,209.4 | 1,262.3 |
Effect of acquisitions and divestments | 2.5 | |
Change in net sales, comparable, % | -4.0 | |
Net sales, Group | 11,920.1 | 11,783.8 |
Foreign exchange effects | -2.8 | |
Effect of acquisitions and divestments | -409.1 | -258.5 |
Change in net sales, comparable, % | -2.3 | -0.8 |
Operating profit, comparable |
Operating profit +/– items affecting comparability |
Return on capital employed, %, comparable |
Comparable operating profit x 100 / (Non-current assets + Inventories + Receivables + Other current assets - Non-interest-bearing liabilities) on average for 12 months |
111 |
2024 € million | Finland | Other Nordic countries | Baltic countries | Others | Eliminations | Total |
Net sales | 9,542.7 | 1,889.3 | 127.4 | 368.1 | -7.4 | 11,920.1 |
Assets included in capital employed | 6,019.5 | 1,546.6 | 232.1 | 168.1 | 7,966.3 | |
Average number of personnel converted into full-time employees | 10,345 | 3,687 | 359 | 957 | 15,347 |
2023 € million | Finland | Other Nordic countries | Baltic countries | Others | Eliminations | Total |
Net sales | 9,714.0 | 1,612.5 | 129.1 | 336.9 | -8.7 | 11,783.8 |
Assets included in capital employed | 5,733.1 | 1,417.5 | 211.3 | 151.4 | 7,513.3 | |
Average number of personnel converted into full-time employees | 10,314 | 3,167 | 357 | 927 | 14,766 |
112 |
€ million | 2024 | 2023 |
Materials and services | -9,959.5 | -9,814.8 |
External services | -224.6 | -220.2 |
Total | -10,184.1 | -10,035.0 |
€ million | 2024 | 2023 |
Service fees | 779.2 | 780.3 |
Lease income | 50.6 | 46.1 |
Gains on disposal of property, plant, equipment and intangible assets | 12.6 | 1.6 |
Realised gains on derivative contracts and changes in fair value | 3.6 | 1.4 |
Others | 148.6 | 145.9 |
Total | 994.6 | 975.2 |
€ million | 2024 | 2023 |
Salaries and fees | -686.2 | -629.8 |
Social security costs | -54.8 | -58.4 |
Pension costs | ||
Defined benefit plans | 0.2 | -1.2 |
Defined contribution plans | -94.7 | -89.2 |
Share based payments | -7.0 | -8.1 |
Total | -842.5 | -786.6 |
2024 | 2023 | |
Grocery trade | 6,346 | 6,257 |
Building and technical trade | 6,538 | 6,073 |
Car trade | 1,556 | 1,531 |
Common operations | 908 | 905 |
Total | 15,347 | 14,766 |
113 |
€ million | 2024 | 2023 |
Marketing costs | -201.0 | -208.5 |
Property and store site maintenance expenses | -198.5 | -185.1 |
ICT expenses | -123.4 | -111.9 |
Lease payments in the income statement | -8.5 | -7.7 |
Losses on disposal of property, plant, equioment and intangible assets | -2.1 | -1.1 |
Realized losses on derivative contracts and changes in fair value | -1.5 | -1.7 |
Other operating expenses | -149.6 | -135.8 |
Total | -684.5 | -651.8 |
€ million | 2024 | 2023 |
Audit | -1.4 | -1.2 |
Tax consultation | - | -0.0 |
Other services | -0.1 | -0.2 |
Total | -1.5 | -1.4 |
€ million | 2024 | 2023 |
Net sales | -0.1 | -0.2 |
Other operating incom | 3.6 | 1.4 |
Materials and services | -0.5 | -1.0 |
Other operating expenses | -1.5 | -1.7 |
Total | 1.5 | -1.4 |
114 |
€ million | 2024 | 2023 |
Current tax | -114.8 | -113.9 |
Tax for prior years | -0.3 | -0.5 |
Change in deferred taxes | 23.1 | -3.6 |
Total | -92.0 | -118.0 |
€ million | 2024 | 2023 |
Profit before tax | 471.5 | 613.5 |
Tax at parent's tax rate 20.0% | -94.3 | -122.7 |
Effect of foreign subsidiaries' different tax rates | 0.1 | -3.5 |
Effect of tax-free income | 2.4 | 0.4 |
Effect of expenses not deductible for tax purposes | -11.6 | -2.0 |
Effect of unrecognised deferred tax assets | 0.1 | -0.6 |
Effect of consolidation of share of result of associates and joint ventures | 4.9 | 4.2 |
Tax for prior years | -0.3 | -0.5 |
Adjustment and revaluation of deferred tax for previous years | 6.7 | 7.0 |
Effect of changes in tax rates | -0.0 | - |
Others | 0.0 | -0.3 |
Tax charge | -92.0 | -118.0 |
Effective tax rate % | -19.5 | -19.2 |
€ million | 2024 | 2023 |
Deferred tax assets | 16.9 | 13.7 |
Deferred tax liabilities | 76.3 | 70.9 |
Total | -59.4 | -57.2 |
€ million | 1 Jan. 2024 | Income statement charge | Tax charged/ credited to equity | Exchange differ- ences | Other changes | 31 Dec. 2024 |
Deferred tax assets | ||||||
Tangible and intangible assets | 7.1 | 1.5 | - | -0.1 | -0.3 | 8.2 |
Inventory | 7.0 | 0.4 | - | -0.2 | - | 7.2 |
Leases | 36.6 | 0.9 | - | -0.2 | - | 37.3 |
Provisions | 4.8 | -0.3 | - | 0.0 | 0.0 | 4.5 |
Tax loss carry-forwards | 10.5 | 5.2 | - | -0.3 | -0.0 | 15.4 |
Other temporary differences | 7.2 | 0.8 | 0.9 | -0.0 | 0.2 | 8.9 |
Total | 73.1 | 8.5 | 0.9 | -0.8 | -0.1 | 81.5 |
Deferred tax liabilities | ||||||
Tangible and intangible assets | 97.6 | -8.8 | - | -0.6 | 17.1 | 105.3 |
Derivative contracts | 1.6 | 0.0 | -1.0 | - | - | 0.6 |
Pensions | 15.9 | 0.1 | 9.5 | -0.0 | - | 25.5 |
Untaxed earnings | 10.4 | -5.2 | - | -0.2 | - | 5.1 |
Other temporary differences | 4.8 | -0.8 | - | 0.0 | 0.5 | 4.5 |
Total | 130.2 | -14.7 | 8.5 | -0.8 | 17.6 | 140.9 |
Net deferred tax asset (+)/liability (-) | -57.2 | -59.4 |
115 |
€ million | 1 Jan. 2023 | Income statement charge | Tax charged/ credited to equity | Exchange differ- ences | Other changes | 31 Dec. 2023 |
Deferred tax assets | ||||||
Tangible and intangible assets | 7.5 | -0.5 | - | -0.0 | 0.0 | 7.1 |
Inventory | 4.2 | 2.6 | - | -0.0 | 0.2 | 7.0 |
Leases | 37.1 | -0.4 | - | -0.1 | - | 36.6 |
Provisions | 5.8 | -1.1 | - | 0.1 | - | 4.8 |
Tax loss carry-forwards | 0.1 | 9.9 | - | 0.3 | 0.1 | 10.5 |
Other temporary differences | 6.7 | 0.0 | 0.3 | 0.1 | 0.0 | 7.2 |
Total | 61.4 | 10.5 | 0.3 | 0.4 | 0.4 | 73.1 |
Deferred tax liabilities | ||||||
Tangible and intangible assets | 85.5 | 9.4 | - | -0.7 | 3.4 | 97.6 |
Derivative contracts | 9.0 | 0.1 | -7.5 | - | - | 1.6 |
Pensions | 17.2 | 0.1 | -1.4 | 0.0 | -0.1 | 15.9 |
Untaxed earnings | 6.3 | 4.1 | - | -0.0 | - | 10.4 |
Other temporary differences | 4.5 | 0.5 | - | 0.2 | -0.4 | 4.8 |
Total | 122.5 | 14.2 | -8.8 | -0.5 | 2.9 | 130.2 |
Net deferred tax asset (+)/liability (-) | -61.0 | -57.2 |
€ million | 2024 Before tax | Tax charge/ credit | After tax | 2023 Before tax | Tax charge/ credit | After tax |
Items that will not be reclassified subsequently to profit or loss | ||||||
Actuarial gains and losses | 47.0 | -9.4 | 37.6 | -6.9 | 1.4 | -5.5 |
Items that may be reclassified subsequently to profit or loss | ||||||
Currency translation differences relating on foreign operations | -31.6 | -31.6 | -19.5 | -19.5 | ||
Share of other comprehensive income of associates and joint ventures | 0.5 | 0.5 | -1.8 | -1.8 | ||
Cash flow hedge revaluation | -9.5 | 1.8 | -7.7 | -38.8 | 7.8 | -31.0 |
Total | 6.3 | -7.6 | -1.2 | -67.0 | 9.1 | -57.9 |
€ million | 2025 | 2026 | 2027 | 2028 | 2029 | 2030- | Total |
- | - | - | - | 0.1 | 128.2 | 128.3 |
116 |
2024 | 2023 | |
Profit for the period attributable to equity holders of the parent, €million | 379.1 | 495.6 |
Number of shares | ||
Weighted average number of shares outstanding | 397,921,553 | 397,705,620 |
Diluted weighted average number of shares outstanding | 397,921,553 | 397,705,620 |
Earnings per share from profit attributable to equity holders of the parent | ||
Basic and diluted, Group total, € | 0.95 | 1.25 |
€ million | 2024 | 2023 |
Adjustment of non-cash transactions in the income statement and items presented elsewhere in the statement of cash flows: | ||
Change in provisions | 0.7 | -2.4 |
Share of results of associates and joint ventures | -24.7 | -21.0 |
Impairments | 40.5 | - |
Credit losses | 7.1 | 5.1 |
Gains on disposal of property,plant, equipment and intangible assets and business operations | -12.7 | -1.6 |
Losses on disposal of property, plant, equipment and intangible assets and business operations | 4.8 | 5.5 |
Share-based compensation | 2.6 | -2.3 |
Defined benefit pensions | -0.3 | 0.5 |
Others | 4.2 | 5.5 |
Total | 22.2 | -10.8 |
€ million | 2024 | 2023 |
Total acquisition of property, plant, equipment and intangible assets | 527.6 | 550.0 |
Total acquisition of subsidiaries and investments in associates and other investments | 148.3 | 129.0 |
Total capital expenditure | 675.9 | 678.9 |
of which cash payments | 614.7 | 643.5 |
Loans relating to acquired companies and cash and cash equivalents | 49.9 | 40.3 |
Payments arising from prior period investing activities | -30.2 | -39.0 |
Capital expenditure financed with liabilities | 41.5 | 34.2 |
Total | 675.9 | 678.9 |
117 |
118 |
2024 | |
€ million | Davidsen Koncernen A/S |
Acquisition price | 147.9 |
Fair values of assets acquired and liabilities assumed at the date of acquisition | |
Intangible assets | 39.3 |
Property, plant, equipment, right-of-use assets and investments | 106.7 |
Inventories | 52.8 |
Receivables | 47.3 |
Deferred tax asset | 0.0 |
Cash and cash equivalents | 21.7 |
Total assets | 267.9 |
Trade payables, other payables and provisions | 71.5 |
Interest-bearing liabilities including lease liabilities | 54.2 |
Deferred tax liability | 17.2 |
Total liabilities | 142.9 |
Net assets acquired, total | 125.0 |
Non-controlling interests | -12.5 |
Goodwill | 35.4 |
Acquisition price of the shares | 147.9 |
Cash flow impact of acquisition | |
Consideration paid | -168.0 |
Cash and cash equivalents acquired | 21.7 |
Cash flow impact of acquisition | -146.3 |
119 |
2023 | |||
€ million | Zenitec Sweden AB | Elektroskandia Norge AS | Geitanger Bygg AS |
Acquisition price | 4.9 | 120.8 | 8.0 |
Fair values of assets acquired and liabilities assumed at the date of acquisition | |||
Intangible assets | 0.6 | 15.6 | 0.6 |
Property, plant, equipment, right-of- use assets and investments | 0.3 | 15.1 | 1.8 |
Inventories | 2.8 | 38.6 | 3.0 |
Receivables | 2.3 | 45.8 | 1.9 |
Deferred tax asset | - | 1.3 | - |
Cash and cash equivalents | -0.0 | 5.3 | 2.4 |
Total assets | 6.0 | 121.6 | 9.6 |
Trade payables, other payables, provisions, lease liabilities | 4.5 | 81.6 | 2.9 |
Deferred tax liability | 0.1 | 3.8 | 0.2 |
Total liabilities | 4.6 | 85.4 | 3.1 |
Net assets acquired, total | 1.4 | 36.2 | 6.5 |
Goodwill | 3.5 | 84.7 | 1.5 |
Acquisition price of the shares | 4.9 | 120.8 | 8.0 |
Cash flow impact of acquisition | |||
Consideration paid | -4.9 | -120.8 | -8.0 |
Cash and cash equivalents acquired | -0.0 | 5.3 | 2.4 |
Cash flow impact of acquisition | -5.0 | -115.5 | -5.6 |
120 |
2024 € million | Land and waters | Buildings | Machinery and equipment | Other tangible assets | Prepay- ments and construc- tion in progress | Total 2024 |
Cost | ||||||
Cost as at 1 January | 391.2 | 1,866.2 | 700.6 | 37.4 | 232.3 | 3,227.7 |
Exchange differences | -0.9 | -1.8 | -2.5 | -0.2 | 0.0 | -5.4 |
Additions | 27.5 | 193.2 | 122.5 | 1.5 | 150.2 | 494.9 |
Acquisitions | 5.1 | 86.4 | 2.9 | 0.0 | - | 94.4 |
Deductions | -5.0 | -12.0 | -87.2 | -4.0 | -7.3 | -115.5 |
Transfers between items | 3.8 | 71.4 | 1.8 | 0.6 | -102.6 | -25.0 |
Cost as at 31 December | 421.8 | 2,203.4 | 738.1 | 35.2 | 272.6 | 3,671.0 |
Accumulated depreciation and impairment charges | ||||||
Accumulated depreciation and impairment charges as at 1 January | -7.2 | -740.7 | -400.3 | -23.9 | -1,172.0 | |
Exchange differences | 0.1 | 1.0 | 1.7 | 0.1 | 2.9 | |
Accumulated depreciation on deductions | 0.8 | 1.1 | 48.8 | 3.4 | 54.2 | |
Accumulated depreciation on transfers | - | 4.3 | 10.2 | 0.0 | 14.5 | |
Depreciation and impairment charges for the year | -0.5 | -98.3 | -66.3 | -2.2 | -167.3 | |
Accumulated depreciation and impairment charges as at 31 December | -6.8 | -832.7 | -405.9 | -22.4 | -1,267.8 | |
Carrying amount as at 1 January | 384.1 | 1,125.5 | 300.3 | 13.5 | 232.3 | 2,055.6 |
Carrying amount as at 31 December | 415.0 | 1,370.7 | 332.2 | 12.8 | 272.6 | 2,403.3 |
121 |
2023 € million | Land and waters | Buildings | Machinery and equipment | Other tangible assets | Prepay- ments and construc- tion in progress | Total 2023 |
Cost | ||||||
Cost as at 1 January | 352.5 | 1,647.8 | 665.8 | 33.4 | 113.8 | 2,813.3 |
Exchange differences | -0.7 | 0.0 | -1.3 | 0.3 | 0.2 | -1.5 |
Additions | 38.8 | 173.7 | 100.1 | 2.0 | 196.6 | 511.2 |
Acquisitions | - | 1.5 | 1.9 | - | 0.3 | 3.7 |
Deductions | -1.0 | -1.5 | -74.9 | -0.9 | -2.0 | -80.3 |
Transfers between items | 1.6 | 44.8 | 9.0 | 2.6 | -76.6 | -18.7 |
Cost as at 31 December | 391.2 | 1,866.2 | 700.6 | 37.4 | 232.3 | 3,227.7 |
Accumulated depreciation and impairment charges | ||||||
Accumulated depreciation and impairment charges as at 1 January | -7.3 | -658.5 | -380.5 | -21.6 | -1,067.8 | |
Exchange differences | 0.1 | 0.2 | 0.9 | -0.1 | 1.1 | |
Accumulated depreciation on deductions | 0.3 | 3.1 | 43.1 | 0.9 | 41.2 | |
Accumulated depreciation on transfers | - | 1.5 | -0.6 | -1.0 | 0.0 | |
Depreciation and impairment charges for the year | -0.3 | -80.8 | -63.3 | -2.1 | -146.5 | |
Accumulated depreciation and impairment charges as at 31 December | -7.2 | -740.7 | -400.3 | -23.9 | -1,172.0 | |
Carrying amount as at 1 January | 345.3 | 989.3 | 285.3 | 11.8 | 113.8 | 1,745.5 |
Carrying amount as at 31 December | 384.1 | 1,125.5 | 300.3 | 13.5 | 232.3 | 2,055.6 |
122 |
2024 € million | Goodwill | Trade- marks | Other intangible assets | Prepay- ments | Total 2024 |
Cost | |||||
Cost as at 1 January | 710.1 | 96.0 | 298.2 | 4.2 | 1,108.5 |
Exchange difference | -19.6 | -1.5 | -3.5 | - | -24.6 |
Additions | - | - | 14.2 | 2.0 | 16.2 |
Acquisitions | 38.5 | 29.8 | 9.9 | - | 78.2 |
Deductions | - | - | -8.1 | -0.2 | -8.3 |
Transfers between items | - | - | 6.8 | -2.9 | 3.9 |
Cost as at 31 December | 729.0 | 124.3 | 317.6 | 3.1 | 1,174.0 |
Accumulated amortisation and impairment charges | |||||
Accumulated amortisation and impairment charges as at 1 January | -46.4 | -10.0 | -177.0 | -233.5 | |
Exchange difference | 0.4 | 0.5 | 2.1 | 3.0 | |
Accumulated amortisation and impairment charges on disposals | - | 14.3 | 14.3 | ||
Accumulated amortisation and impairment charges on transfers | 0.0 | -0.0 | -0.0 | ||
Amortisation and impairment charges for the year | -40.0 | -1.3 | -39.3 | -80.6 | |
Accumulated amortisation and impairment charges as at 31 December | -85.9 | -10.8 | -200.0 | -296.7 | |
Carrying amount as at 1 January | 663.7 | 86.0 | 121.2 | 4.2 | 875.1 |
Carrying amount as at 31 December | 643.0 | 113.5 | 117.7 | 3.1 | 877.3 |
123 |
2023 € million | Goodwill | Trade- marks | Other intangible assets | Prepay- ments | Total 2023 |
Cost | |||||
Cost as at 1 January | 635.1 | 96.1 | 249.4 | 9.1 | 989.7 |
Exchange difference | -15.0 | -2.0 | -3.1 | - | -20.1 |
Additions | - | 0.0 | 19.7 | 2.2 | 21.9 |
Acquisitions | 90.0 | 2.0 | 14.3 | - | 106.4 |
Deductions | - | - | -10.0 | -0.0 | -10.0 |
Transfers between items | - | -0.1 | 28.0 | -7.2 | 20.7 |
Cost as at 31 December | 710.1 | 96.0 | 298.2 | 4.2 | 1,108.5 |
Accumulated amortisation and impairment charges | |||||
Accumulated amortisation and impairment charges as at 1 January | -46.2 | -9.3 | -155.1 | -210.6 | |
Exchange difference | -0.2 | 0.5 | 2.2 | 2.5 | |
Accumulated amortisation and impairment charges on disposals | - | 14.5 | 14.5 | ||
Accumulated amortisation and impairment charges on transfers | 0.0 | -2.1 | -2.1 | ||
Amortisation and impairment charges for the year | - | -1.3 | -36.6 | -37.8 | |
Accumulated amortisation and impairment charges as at 31 December | -46.4 | -10.0 | -177.0 | -233.5 | |
Carrying amount as at 1 January | 588.9 | 86.8 | 94.2 | 9.1 | 779.1 |
Carrying amount as at 31 December | 663.7 | 86.0 | 121.2 | 4.2 | 875.1 |
€ million | Trade- marks 2024 | Goodwill 2024 | Trade- marks 2023 | Goodwill 2023 |
Grocery trade | ||||
Grocery trade, chain operations | - | 76.1 | - | 76.1 |
Grocery trade, Kespro | 5.3 | 2.0 | 5.3 | 2.0 |
Building and technical trade | ||||
Technical trade | 58.3 | 147.9 | 58.3 | 152.2 |
Byggmakker, Norway | 19.8 | 150.7 | 20.8 | 199.3 |
K-Bygg, Sweden | - | 185.0 | - | 191.0 |
Davidsen, Denmark | 29.8 | 35.4 | - | - |
Car trade | - | 46.1 | - | 43.1 |
Total | 113.2 | 643.0 | 84.4 | 663.7 |
124 |
€ million | Pre-tax discount rate 2024 | Terminal growth rate 2024 | Pre-tax discount rate 2023 | Terminal growth rate 2023 |
Grocery trade | ||||
Grocery trade, chain operations | 6.5% | 0.5% | 6.8% | 0.5% |
Grocery trade, Kespro | 6.3% | 1.5% | 6.5% | 1.5% |
Building and technical trade | ||||
Technical trade | 9.1% | 2.0% | 7.6% | 2.0% |
Byggmakker, Norway | 8.7% | 2.0% | 7.2% | 2.0% |
K-Bygg, Sweden | 7.0% | 2.0% | 7.1% | 2.0% |
Davidsen, Denmark | 7.2% | 2.0% | ||
Car trade | 8.5% | 2.0% | 7.2% | 1.5% |
125 |
126 |
2024 € million | Land and buildings | Machinery and equipment | Total |
Carrying amount as at 1 January | 1,799.9 | 17.0 | 1,816.9 |
Additions | 444.0 | 13.5 | 457.5 |
Acquisitions | 2.7 | 9.7 | 12.3 |
Transfer between items | 0.0 | -0.4 | -0.4 |
Depreciation | -348.5 | -11.0 | -359.5 |
Impairment charges | -12.8 | - | -12.8 |
Deductions | -36.9 | -0.2 | -37.1 |
Exchange differences | -8.9 | -0.4 | -9.3 |
Carrying amount as at 31 December | 1,839.5 | 28.2 | 1,867.7 |
2023 € million | Land and buildings | Machinery and equipment | Total |
Carrying amount as at 1 January | 1,718.9 | 18.6 | 1,737.6 |
Additions | 431.0 | 6.2 | 437.3 |
Acquisitions | 14.8 | 0.9 | 15.7 |
Depreciation | -339.3 | -8.0 | -347.3 |
Impairment charges | -5.9 | - | -5.9 |
Deductions | -10.2 | -0.4 | -10.6 |
Exchange differences | -9.5 | -0.3 | -9.8 |
Carrying amount as at 31 December | 1,799.9 | 17.0 | 1,816.9 |
€ million | 2024 | 2023 |
Operating profit | ||
Depreciation and impairment charges on right-of-use assets | -375.5 | -353.2 |
Lease payments for short-term leases | -4.3 | -3.2 |
Lease payments for low-value assets | -3.5 | -3.6 |
Variable lease payments | -0.7 | -1.0 |
Financial expenses | ||
Interest expense for lease liabilities | -78.6 | -73.4 |
Total | -462.6 | -434.3 |
€ million | 2024 | 2023 |
Interest expense for lease liabilities | -78.6 | -73.4 |
Repayments of lease liabilities | -370.9 | -354.3 |
Lease payments in the income statement | -8.5 | -7.7 |
Total | -458.0 | -435.4 |
127 |
€ million | 2024 | 2023 |
Lease income for operating leases | 75.0 | 68.5 |
€ million | 2024 | 2023 |
Goods | 1,096.1 | 1,078.4 |
Prepayments | 5.4 | 5.5 |
Total | 1,101.5 | 1,083.9 |
Write-down of inventories to net realisable value | 70.2 | 72.3 |
128 |
€ million | 2024 | 2023 |
Interest-bearing receivables | ||
Interest-bearing loans and receivables | 4.2 | 4.3 |
Total interest-bearing receivables | 4.2 | 4.3 |
Trade receivables | 957.9 | 970.5 |
Income tax assets | 12.9 | 6.6 |
Other non-interest-bearing receivables | ||
Non-interest-bearing loans and receivables | 38.0 | 44.6 |
Prepaid expenses and deferred income | 249.1 | 258.0 |
Total other non-interest-bearing receivables | 287.1 | 302.6 |
Total | 1,262.1 | 1,284.0 |
€ million | 2024 | 2023 |
Trade receivables not due | 878.3 | 875.8 |
1-7 days past due trade receivables | 40.6 | 58.0 |
8-30 days past due trade receivables | 17.6 | 14.7 |
31-60 days past due trade receivables | 4.1 | 4.7 |
Over 60 days past due trade receivables | 17.2 | 17.1 |
Total | 957.9 | 970.5 |
129 |
130 |
€ million | 2024 | 2023 |
Present value of defined benefit obligation | -214.6 | -241.0 |
Fair value of plan assets | 342.1 | 320.3 |
Net assets recognised in the balance sheet | 127.5 | 79.6 |
Movement in the net assets recognised in the balance sheet | ||
As at 1 January | 79.6 | 86.9 |
Income/cost recognised in the income statement | 0.2 | -1.2 |
Remeasurement | 46.9 | -6.8 |
Contributions to plan and plan costs | 0.7 | 0.3 |
As at 31 December | 127.5 | 79.6 |
€ million | Present value of defined benefit obligation | Fair value of plan assets | Total |
As at 1 January 2024 | -241.0 | 320.3 | 79.6 |
Current service cost | -1.9 | -1.9 | |
Gains or losses on settlement | 0.1 | 0.1 | |
Interest cost/income | -7.2 | 9.8 | 2.5 |
Plan costs | -0.5 | -0.5 | |
-9.0 | 9.3 | 0.2 | |
Remeasurement | |||
Return on plan assets | 20.4 | 20.4 | |
26.2 | 26.2 | ||
Experience gains/losses | 0.3 | 0.3 | |
26.5 | 20.4 | 46.9 | |
Contributions to plan | 0.7 | 0.7 | |
Other Changes | -5.9 | 6.3 | 0.1 |
Benefit payments | 14.9 | -14.9 | - |
As at 31 December 2024 | -214.6 | 342.1 | 127.5 |
€ million | Present value of defined benefit obligation | Fair value of plan assets | Total |
As at 1 January 2023 | -225.2 | 312.1 | 86.9 |
Current service cost | -2.3 | -2.3 | |
Gains or losses on settlement | -1.5 | -1.5 | |
Interest cost/income | -7.7 | 10.9 | 3.2 |
Plan costs | -0.5 | -0.5 | |
-11.6 | 10.4 | -1.2 | |
Remeasurement | |||
Return on plan assets | 11.4 | 11.4 | |
-15.1 | -15.1 | ||
Experience gains/losses | -3.2 | -3.2 | |
-18.3 | 11.4 | -6.8 | |
Contributions to plan | 0.3 | 0.3 | |
Benefit payments | 14.0 | -14.0 | - |
As at 31 December 2023 | -241.0 | 320.3 | 79.6 |
€ million | Quoted | Unquoted | Total |
Europe | |||
Equity instruments | 29.2 | 29.2 | |
Debt instruments | 50.6 | 7.6 | 58.2 |
Investment funds | 74.0 | 15.4 | 89.5 |
Properties | 85.6 | 85.6 | |
United States | |||
Equity instruments | |||
Investment funds | 61.7 | 61.7 | |
Other countries | |||
Investment funds | 23.6 | 23.6 | |
Total | 209.9 | 137.8 | 347.8 |
131 |
€ million | Quoted | Unquoted | Total |
Europe | |||
Equity instruments | 28.5 | 28.5 | |
Debt instruments | 57.4 | 3.2 | 60.6 |
Investment funds | 72.9 | 15.9 | 88.8 |
Properties | 85.5 | 85.5 | |
United States | |||
Equity instruments | |||
Investment funds | 51.2 | 51.2 | |
Other countries | |||
Investment funds | 16.9 | 16.9 | |
Total | 198.5 | 133.1 | 331.6 |
€ million | 2024 | 2023 |
Kesko Corporation shares included in fair value | - | - |
Properties leased by Kesko Group included in fair value | 85.6 | 85.5 |
2024 | 2023 | |
Discount rate | 3.35% | 3.02% |
Salary growth rate | 2.27% | 2.96% |
Inflation | 1.99% | 2.48% |
Pension growth rate | 1.80% | 2.67% |
Average service expectancy, years | 4 | 5 |
2024 | 2023 | |
Weighted average duration of pension obligations, years | 11 | 12 |
Expected maturity analysis of undiscounted pension obligations, € million | ||
Less than 1 year | 15.6 | 15.4 |
Between 1−10 years | 114.5 | 121.4 |
Between 10−20 years | 96.1 | 109.2 |
Between 20−30 years | 62.0 | 75.6 |
Over 30 years | 40.1 | 55.5 |
Total | 328.3 | 377.0 |
132 |
Actuarial assumption | Change in assumption | Impact on defined benefit obligation, increase | Impact on defined benefit obligation, decrease |
2024 | |||
Discount rate | 0.50% | -5.35% | 5.86% |
Salary growth rate | 0.50% | 0.65% | -0.46% |
Pension growth rate | 0.50% | 5.10% | -4.70% |
2023 | |||
Discount rate | 0.50% | -5.87% | 6.52% |
Salary growth rate | 0.50% | 0.74% | -0.65% |
Pension growth rate | 0.50% | 5.60% | -5.10% |
133 |
Summary of financials of significant joint ventures, € million | 31.12.2024 | 31.12.2023 |
Current assets | 416.7 | 413.9 |
Non-current assets | 402.1 | 426.8 |
Current liabilities | 293.4 | 301.0 |
Non-current liabilities | 268.8 | 292.9 |
The above-mentioned balance sheet items contain the following items: | ||
Cash and cash equivalents | 26.3 | 69.7 |
Current interest-bearing liabilities | 46.6 | 47.1 |
Non-current interest-bearing liabilities | 268.7 | 292.8 |
Summary of financials of significant joint ventures, € million | 1.1.-31.12.2024 | 1.1.-31.12.2023 |
Net sales | 1,199.6 | 1,174.9 |
Net profit attributable to owners of the parent | 41.8 | 37.9 |
Comprehensive income for the year attributable to owners of the parent | 42.8 | 34.3 |
Group share of profit for the year | 20.9 | 19.0 |
Share of result of the joint venture consolidated in the consolidated financial statements | 20.9 | 19.0 |
Share of other comprehensive income of the joint venture consolidated in the consolidated financial statements | 21.4 | 17.1 |
The above-mentioned income statement items contain the following items: | ||
Depreciation, amortisation and impairment | -56.1 | -53.9 |
Interest income | 1.1 | 1.1 |
Interest expense | -12.9 | -11.9 |
Income tax | -4.5 | -4.7 |
Dividends and repayment of capital received from joint ventures | -16.4 | -21.7 |
Reconciliation for balance sheet value of joint ventures, € million | 2024 | 2023 |
Net assets of joint ventures | 256.6 | 246.7 |
Minority interest in net assets | 20.6 | 22.0 |
Group interest in net assets | 117.7 | 112.6 |
Goodwill | 19.2 | 19.2 |
Fair value allocations | 15.0 | 15.0 |
Balance sheet value of joint ventures | 151.8 | 146.8 |
134 |
Summary of financials of a significant associate, € million | 2024 | 2023 |
Current assets | 20.0 | 22.1 |
Non-current assets | 495.4 | 506.7 |
Current liabilities | 6.8 | 11.1 |
Non-current liabilities | 467.9 | 477.6 |
Equity attributable to equity holders of the parent | 40.8 | 40.1 |
Net sales | 54.2 | 51.8 |
Net profit for the year | 0.7 | -4.1 |
Comprehensive income for the year, total | 0.7 | -4.2 |
Reconciliation for balance sheet value of an associate, € million | 2024 | 2023 |
Net assets of the associate | 40.8 | 40.1 |
Group interest in net assets | 13.6 | 13.4 |
Balance sheet value of the associate | 13.6 | 13.4 |
Summary of financials of other associates, € million | 2024 | 2023 |
Group share of profit for the year | 3.0 | 2.8 |
Group share of comprehensive income for the year | 3.0 | 2.8 |
74.3 | 72.7 |
€ million | Warranty provisions | Other provisions | Total |
Provisions as at 1 Jan. 2024 | 6.6 | 12.3 | 18.9 |
Foreign exchange effets | 0.0 | -0.1 | -0.1 |
Additional provisions | 5.5 | 7.4 | 12.9 |
Unused amounts reversed | -3.0 | -0.9 | -3.9 |
Amounts charged against provisions | -1.4 | -7.0 | -8.4 |
Provisions as at 31 Dec 2024 | 9.0 | 10.5 | 19.5 |
Analysis of total provisions | |||
Non-current | 3.2 | 3.1 | 6.3 |
Current | 5.8 | 7.4 | 13.2 |
135 |
€ million | 2024 | 2023 |
Interest-bearing liabilities and lease liabilities in the consolidated statement of financial position | 3,396.3 | 2,787.0 |
- Lease liabilities | 2,051.0 | 1,997.9 |
- Other current financial assets | 15.0 | 15.4 |
- Cash and cash equivalents | 473.1 | 211.9 |
Interest-bearing net debt excluding lease liabilities | 857.2 | 561.9 |
Operating profit | 579.5 | 695.4 |
+ depreciation, amortisation and impairment | 247.9 | 184.0 |
+ depreciation and impairment charges for right-of-use-assets | 375.5 | 353.2 |
- lease payments for right-of-use-assets | 453.2 | 430.7 |
EBITDA excluding the impact of IFRS 16 | 749.7 | 801.8 |
Interest bearing net debt/EBITDA excluding the impact of IFRS 16 | 1.1 | 0.7 |
136 |
€ million | 2024 | 2023 |
Financial assets at amortised cost (maturing in less than 3 months) | 185.2 | 3.3 |
Cash and cash equivalents | 287.9 | 208.6 |
Other current financial assets | 15.0 | 15.4 |
Borrowings - repayable within one year (including overdraft) | -291.3 | -98.5 |
Lease liabilities - repayable within one year | -422.2 | -350.6 |
Borrowings - repayable after one year | -1,054.0 | -690.7 |
Lease liabilities - repayable after one year | -1,628.8 | -1,647.2 |
Interest bearing net debt | -2,908.2 | -2,559.8 |
137 |
€ million | Carrying amount as at 1 Jan. 2024 | Cash flows | Business acquisitions and divestments | Net changes of lease liabilities | Foreign exchange adjustments | Carrying amount as at 31 Dec. 2024 |
Lease liabilities due within 1 year | -350.6 | 370.9 | -3.4 | -441.0 | 1.9 | -422.2 |
Lease liabilities due after 1 year | -1,647.2 | -8.7 | 19.1 | 8.0 | -1,628.8 | |
Borrowings due within 1 year | -98.5 | -191.5 | -1.3 | 0.0 | -291.3 | |
Borrowings due after 1 year | -690.7 | -343.1 | -20.3 | 0.0 | -1,054.0 | |
Other current financial assets | 15.4 | -0.4 | - | - | 15.0 | |
Cash and overdraft | 208.6 | 57.8 | 21.7 | -0.3 | 287.9 | |
Financial assets at amortised cost | 3.3 | 181.9 | - | - | 185.2 | |
Net debt | -2,559.8 | 75.7 | -11.9 | -421.9 | 9.7 | -2,908.2 |
€ million | Carrying amount as at 1 Jan. 2023 | Cash flows | Business acquisitions and divestments | Net changes of lease liabilities | Foreign exchange adjustments | Carrying amount as at 31 Dec. 2023 |
Lease liabilities due within 1 year | -328.1 | 354.3 | -3.4 | -374.8 | 1.4 | -350.6 |
Lease liabilities due after 1 year | -1,592.0 | -12.1 | -51.6 | 8.4 | -1,647.2 | |
Borrowings due within 1 year | -252.6 | 154.2 | - | 0.0 | -98.5 | |
Borrowings due after 1 year | -245.5 | -445.2 | - | - | -690.7 | |
Other current financial assets | 68.6 | -53.2 | - | - | 15.4 | |
Cash and overdraft | 228.5 | -28.1 | 8.2 | -0.1 | 208.6 | |
Financial assets at amortised cost | 17.0 | -13.7 | - | - | 3.3 | |
Net debt | -2,104.2 | -31.7 | -7.3 | -426.4 | 9.8 | -2,559.8 |
138 |
Number of shares | |||||||
Share capital | A | B | Total | Share capital € million | Reserve of invested non-restricted equity € million | Share premium € million | Total € million |
As at 1 January 2023 | 126,948,028 | 270,510,619 | 397,458,647 | 197.3 | 197.8 | 266.9 | 662.0 |
Change in treasury shares | -310,864 | -310,864 | |||||
As at 31 December 2023 | 126,948,028 | 270,821,483 | 397,769,511 | 197.3 | 197.8 | 266.9 | 662.0 |
Change in treasury shares | -186,897 | -186,897 | |||||
As at 31 December 2024 | 126,948,028 | 271,008,380 | 397,956,408 | 197.3 | 197.8 | 266.8 | 661.9 |
Number of votes | 1,269,480,280 | 271,008,380 | 1,540,488,660 | ||||
pcs | |
B shares held by the Company as at 31 Dec. 2023 | 2,309,497 |
Transfer, share-based compensation plan | -203,997 |
Returned during the period | 17,100 |
B shares held by the Company as at 31 Dec. 2024 | 2,122,600 |
139 |
140 |
Group's translation exposure as at 31 Dec. 2024 € million | DKK | NOK | PLN | SEK |
Net investment | 164.0 | 418.7 | 95.6 | 355.1 |
Group's translation exposure as at 31 Dec. 2023 € million | DKK | NOK | PLN | SEK |
Net investment | - | 487.2 | 85.2 | 297.5 |
Sensitivity analysis, impact on equity as at 31 Dec. 2024, € million | DKK | NOK | PLN | SEK |
Weakening 10% | -14.9 | -38.1 | -8.7 | -32.3 |
Strengthening 10% | 18.2 | 46.5 | 10.6 | 39.5 |
Sensitivity analysis, impact on equity as at 31 Dec. 2023, € million | DKK | NOK | PLN | SEK |
Weakening 10% | - | -44.3 | -7.7 | -27.0 |
Strengthening 10% | - | 54.1 | 9.5 | 33.1 |
Group's transaction exposure as at 31 Dec. 2024 € million | DKK | NOK | PLN | SEK | USD |
Group's transaction risk | 1.8 | 33.8 | -5.6 | -44.6 | -2.3 |
Hedging derivatives | - | -42.4 | 4.2 | 37.1 | 36.6 |
Open exposure | 1.8 | -8.6 | -1.4 | -7.6 | 34.3 |
Group's transaction exposure as at 31 Dec. 2023 € million | DKK | NOK | PLN | SEK | USD |
Group's transaction risk | -0.0 | 51.7 | -11.6 | 57.5 | -2.9 |
Hedging derivatives | - | -42.3 | 5.1 | -47.3 | 17.2 |
Open exposure | -0.0 | 9.5 | -6.6 | 10.2 | 14.3 |
141 |
Sensitivity analysis, impact on pre-tax profit as at 31 Dec. 2024, € million | DKK | NOK | PLN | SEK | USD |
Weakening 10% | -0.2 | 0.8 | 0.1 | 0.7 | -3.1 |
Strengthening 10% | 0.2 | -1.0 | -0.2 | -0.8 | 3.8 |
Sensitivity analysis, impact on pre-tax profit as at 31 Dec. 2023, € million | DKK | NOK | PLN | SEK | USD |
Weakening 10% | 0.0 | -0.9 | 0.6 | -0.9 | -1.3 |
Strengthening 10% | -0.0 | 1.1 | -0.7 | 1.1 | 1.6 |
142 |
31 Dec. 2024 | 31 Dec. 2023 | |||||||
€ million | < 1 year | 1-5 years | > 5 years | Total | < 1 year | 1-5 years | > 5 years | Total |
Maturities of financial liabilities and related finance costs | ||||||||
Borrowings from financial institutions | 193.0 | 563.7 | 164.1 | 920.8 | 0.2 | 650.6 | 0.8 | 651.6 |
finance costs | 31.9 | 38.1 | 12.9 | 82.9 | 29.6 | 17.3 | 0.1 | 47.0 |
Notes | - | - | 298.0 | 298.0 | - | - | - | - |
finance costs | 3.5 | 42.0 | 10.5 | 56.0 | - | - | - | - |
Pension loans | 12.0 | 20.3 | - | 32.3 | 12.0 | 32.3 | - | 44.3 |
finance costs | 0.4 | 0.5 | - | 0.9 | 0.6 | 0.9 | - | 1.5 |
Lease liabilities | 422.1 | 1,049.1 | 579.7 | 2,051.0 | 350.6 | 1,064.2 | 583.0 | 1,997.9 |
finance costs | 74.2 | 172.7 | 73.9 | 320.8 | 69.6 | 164.5 | 68.4 | 302.5 |
Payables to K-retailers | 64.7 | - | - | 64.7 | 64.5 | - | - | 64.5 |
finance costs | - | - | - | - | - | - | - | - |
Other interest-bearing liabilities | 21.5 | 7.9 | 0.0 | 29.4 | 21.7 | 7.9 | 0.0 | 29.6 |
finance costs | - | 0.4 | - | 0.4 | 0.1 | 0.4 | - | 0.5 |
Non-current non-interest-bearing liabilities | 0.6 | 22.7 | 19.1 | 42.4 | 0.6 | 3.9 | 19.7 | 24.1 |
Current non-interest-bearing liabilities | ||||||||
Trade payables | 1,404.4 | 1,404.4 | 1,418.3 | 1,418.3 | ||||
Accrued expenses | 442.4 | 442.4 | 415.1 | 415.1 | ||||
Other non-interest-bearing liabilities | 299.0 | 299.0 | 193.4 | 193.4 | ||||
143 |
31 Dec. 2024 | 31 Dec. 2023 | |||||||
€ million | < 1 year | 1-5 years | > 5 years | Total | < 1 year | 1-5 years | > 5 years | Total |
Cash flows of derivatives | ||||||||
Payables | ||||||||
Foreign currency derivatives | 123.3 | - | - | 123.3 | 125.1 | - | - | 125.1 |
Interest rate derivatives | 4.1 | 1.5 | 0.2 | 5.8 | 3.9 | 4.8 | - | 8.7 |
of which derivatives under hedge accounting | 3.1 | 0.5 | 0.2 | 3.8 | 3.0 | 2.9 | - | 5.9 |
Electricity derivatives | 2.4 | 3.0 | - | 5.5 | 0.5 | 1.3 | - | 1.9 |
Receivables | ||||||||
Foreign currency derivatives | 124.6 | - | - | 124.6 | 123.5 | - | - | 123.5 |
Interest rate derivatives | 5.9 | 3.6 | 0.5 | 10.1 | 9.4 | 7.0 | - | 16.3 |
of which derivatives under hedge accounting | 2.9 | 1.2 | 0.5 | 4.6 | 3.6 | 2.1 | - | 5.6 |
Electricity derivatives | 1.5 | 0.8 | 0.0 | 2.3 | 5.3 | 2.2 | 0.0 | 7.5 |
144 |
Financial assets at amortised cost € million | 2024 | 2023 |
Carrying amount as at 1 January | 15.4 | 38.7 |
Changes | -0.4 | -23.3 |
Carrying amount as at 31 December | 15.0 | 15.4 |
145 |
Maturity analysis of non- current receivables as at 31 Dec. 2024, € million | 2026 | 2027 | 2028 | 2029 | 2030- | Total |
Non-interest-bearing non- current receivables | 2.6 | 2.3 | 0.2 | 0.0 | 1.9 | 7.1 |
Loans and receivables from associates and joint ventures | 0.5 | 1.5 | - | - | 56.0 | 58.0 |
Other non-current receivables | 0.8 | 0.0 | - | - | - | 0.8 |
Total | 3.8 | 3.9 | 0.2 | 0.0 | 57.9 | 65.9 |
Maturity analysis of non- current receivables as at 31 Dec. 2023, € million | 2025 | 2026 | 2027 | 2028 | 2029- | Total |
Non-interest-bearing non- current receivables | 1.9 | 2.5 | 3.5 | 0.2 | 0.6 | 8.8 |
Loans and receivables from associates and joint ventures | 3.4 | 0.5 | 1.5 | - | 56.0 | 61.4 |
Other non-current receivables | 1.1 | 0.0 | 0.0 | 0.0 | 0.0 | 1.3 |
Total | 6.4 | 3.0 | 5.1 | 0.2 | 56.6 | 71.4 |
2024 | 2023 | |||
€ million | Interest rate hedging of interest- bearing loans | Hedging of the price of electricity | Interest rate hedging of interest- bearing loans | Hedging of the price of electricity |
Fair value as at 1 Jan. excluding deferred taxes | -0.3 | 5.7 | - | 44.2 |
Acquisitions | 1.9 | - | - | - |
Booked to income statement | -1.3 | -0.2 | -0.1 | -5.2 |
Change in fair value | 0.4 | -8.6 | -0.2 | -33.3 |
Fair value as at 31 Dec. excluding deferred taxes | 0.8 | -3.2 | -0.3 | 5.7 |
146 |
Fair values of derivative contracts € million | 31 Dec. 2024 Positive fair value (balance sheet value) | 31 Dec. 2024 Negative fair value (balance sheet value) | 31 Dec. 2023 Positive fair value (balance sheet value) | 31 Dec. 2023 Negative fair value (balance sheet value) |
Interest rate derivatives | 9.3 | -5.6 | 14.8 | -8.5 |
Foreign currency derivatives | 1.6 | -0.2 | 0.2 | -1.8 |
Electricity derivatives | 2.3 | -5.5 | 7.5 | -1.9 |
Notional principal amounts of derivative contracts € million | 31 Dec. 2024 | 31 Dec. 2023 |
Interest rate derivatives | 467.0 | 530.0 |
Foreign currency derivatives | 124.9 | 125.3 |
Electricity derivatives | 45.4 | 39.4 |
€ million | 2024 | 2023 |
Interest income and other finance income | ||
Income on investments at amortised cost | 1.2 | 0.6 |
Interest income on loans and receivables | 16.0 | 13.4 |
Income on investments at fair value through profit or loss | 0.0 | 0.6 |
Other finance income | 0.5 | 2.4 |
Total interest income and other finance income | 17.7 | 16.9 |
Interest expense and other finance costs | ||
Interest expense on financial liabilities at amortised cost | -49.1 | -24.9 |
Losses on investments at amortised cost | 0.1 | 1.2 |
Losses on investments at fair value through profit or loss | -0.3 | -0.3 |
Other finance costs | -0.1 | -2.2 |
Total interest expense and other finance costs | -49.5 | -26.3 |
Interest expense for lease liabilities | -78.6 | -73.4 |
Exchange differences | ||
Exchange differences and changes in fair values of derivatives, borrowings denominated in foreign currencies not qualifying for hedge accounting, and cash at bank | -1.3 | -1.1 |
Total exchange differences | -1.3 | -1.1 |
Total finance income and costs | -111.7 | -83.9 |
147 |
148 |
149 |
Balance, € million | Fair value through profit or loss | Amortised cost | Fair value through other comprehensive income | Carrying amount | Fair value | Level 1 | Level 2 | Level 3 |
Non-current financial assets | ||||||||
Other investments | 14.8 | - | 14.8 | 14.8 | 14.8 | |||
Non-current receivables | 61.0 | 61.0 | 61.0 | |||||
Non-current receivables, derivatives | 3.0 | 1.9 | 4.9 | 4.9 | 4.9 | |||
Current financial assets | ||||||||
Trade receivables | 957.9 | 957.9 | 957.9 | |||||
Other receivables | 288.1 | 288.1 | 288.1 | |||||
Other receivables, derivatives | 1.6 | 1.7 | 3.3 | 3.3 | 3.3 | |||
Other financial assets | - | 15.0 | - | 15.0 | 15.0 | - | ||
Cash and cash equivalents | - | 473.1 | - | 473.1 | 473.1 | - | ||
Total financial assets | 19.4 | 1,795.0 | 3.6 | 1,817.9 | 1,817.9 | 8.2 | 14.8 |
Balance, € million | Fair value through profit or loss | Amortised cost | Fair value through other comprehensive income | Carrying amount | Fair value | Level 1 | Level 2 | Level 3 |
Non-current financial liabilities | ||||||||
Non-current interest-bearing liabilities | 1,054.0 | 1,054.0 | 1,055.7 | |||||
Non-current lease liabilities | 1,628.8 | 1,628.8 | 1,628.8 | |||||
Non-current non-interest-bearing liabilities | 39.6 | 39.6 | 39.6 | |||||
Non-current non-interest-bearing liabilities, derivatives | 0.0 | 2.8 | 2.8 | 2.8 | 2.8 | |||
Current financial liabilities | ||||||||
Current interest-bearing liabilities | 291.3 | 291.3 | 291.2 | |||||
Current lease liabilities | 422.2 | 422.2 | 422.2 | |||||
Trade payables | 1,404.4 | 1,404.4 | 1,404.4 | |||||
Other non-interest-bearing liabilities | 738.1 | 738.1 | 738.1 | |||||
Other non-interest-bearing liabilities, derivatives | 0.2 | 3.1 | 3.4 | 3.4 | 3.4 | |||
Total financial liabilities | 0.2 | 5,578.3 | 6.0 | 5,584.5 | 5,586.1 | 6.2 |
150 |
Balance, € million | Fair value through profit or loss | Amortised cost | Fair value through other comprehensive income | Carrying amount | Fair value | Level 1 | Level 2 | Level 3 |
Non-current financial assets | ||||||||
Other investments | 14.0 | - | 14.0 | 14.0 | 14.0 | |||
Non-current receivables | 64.1 | 64.1 | 64.1 | |||||
Non-current receivables, derivatives | 5.6 | 1.7 | 7.3 | 7.3 | 7.3 | |||
Current financial assets | ||||||||
Trade receivables | 970.5 | 970.5 | 970.5 | |||||
Other receivables | 299.9 | 299.9 | 299.9 | |||||
Other receivables, derivatives | 1.2 | 5.8 | 7.0 | 7.0 | 7.0 | |||
Other financial assets | - | 15.4 | - | 15.4 | 15.5 | - | ||
Cash and cash equivalents | - | 211.9 | - | 211.9 | 211.9 | - | ||
Total financial assets | 20.8 | 1,561.7 | 7.5 | 1,590.1 | 1,590.2 | 14.3 | 14.0 |
Balance, € million | Fair value through profit or loss | Amortised cost | Fair value through other comprehensive income | Carrying amount | Fair value | Level 1 | Level 2 | Level 3 |
Non-current financial liabilities | ||||||||
Non-current interest-bearing liabilities | 690.7 | 690.7 | 691.0 | |||||
Non-current lease liabilities | 1,647.2 | 1,647.2 | 1,647.2 | |||||
Non-current non-interest-bearing liabilities | 22.6 | 22.6 | 22.6 | |||||
Non-current non-interest-bearing liabilities, derivatives | - | 1.6 | 1.6 | 1.6 | 1.6 | |||
Current financial liabilities | ||||||||
Current interest-bearing liabilities | 98.5 | 98.5 | 98.1 | |||||
Current lease liabilities | 350.6 | 350.6 | 350.6 | |||||
Trade payables | 1,418.3 | 1,418.3 | 1,418.3 | |||||
Other non-interest-bearing liabilities | 606.1 | 606.1 | 606.1 | |||||
Other non-interest-bearing liabilities, derivatives | 1.8 | 0.6 | 2.3 | 2.3 | 2.3 | |||
Total financial liabilities | 1.8 | 4,834.0 | 2.1 | 4,837.8 | 4,837.8 | 3.9 |
151 |
Changes in level 3 instruments € million | 2024 | 2023 |
Private equity funds and other shares and interests as at 1 January | 14.0 | 13.2 |
Purchases | 0.8 | 1.3 |
Gains and losses through profit or loss | -0.1 | -0.5 |
Changes in fair value | -0.0 | 0.0 |
Private equity funds and other shares and interests as at 31 December | 14.8 | 14.0 |
€ million | 2024 | 2023 |
Collateral given for own commitments | ||
Pledges | 9.0 | 9.0 |
Mortgages | 181.2 | 181.2 |
Guarantees | 12.3 | 10.3 |
Other commitments and contingent liabilities | 66.3 | 64.0 |
Collateral given for others | ||
Guarantees | - | - |
Other commitments and contingent liabilities | - | - |
152 |
Owned by the parent | Domicile | Group's ownership interest, % | Parent's ownership interest, % |
Ankkuri-Energia Oy | Helsinki, Finland | 100.00 | 100.00 |
Asunto Oy Kirkkonummen Västeruddintie 33 | Kirkkonummi, Finland | 100.00 | 100.00 |
Asunto Oy Porvoon Taiteilija | Porvoo, Finland | 100.00 | 100.00 |
Byggmakker Handel AS | Oppegård, Norway | 100.00 | 100.00 |
Davidsen Koncernen A/S | Vojens, Denmark | 90.00 | 90.00 |
Fiesta Real Estate AS | Tallinn, Estonia | 100.00 | 100.00 |
Intersport Finland Oy | Helsinki, Finland | 100.00 | 100.00 |
Kalatukku E. Eriksson Oy | Helsinki, Finland | 100.00 | 100.00 |
K Auto Oy | Helsinki, Finland | 100.00 | 100.00 |
Keskinäinen Kiinteistö Oy Voisalmentie 9 Lappeenranta | Helsinki, Finland | 100.00 | 100.00 |
Kesko AB | Stockholm, Sweden | 100.00 | 100.00 |
KESKO EIENDOM AS | Oppegård, Norway | 100.00 | 100.00 |
Kesko Export Oy | Helsinki, Finland | 100.00 | 100.00 |
Kiinteistöosakeyhtiö Varkauden Kauppakatu 29 | Varkaus, Finland | 52.29 | 52.29 |
Kiinteistö Oy Espoon Sinikalliontie 1 | Helsinki, Finland | 100.00 | 100.00 |
Kiinteistö Oy Espoontori | Espoo, Finland | 100.00 | 100.00 |
Kiinteistö Oy Espoon Asemakuja 2 | Espoo, Finland | 100.00 | 100.00 |
Kiinteistö Oy Espoon Asematori | Espoo, Finland | 54.10 | 54.10 |
Kiinteistö Oy Eteläkoivulan Kauppakeskus | Pori, Finland | 78.45 | 78.45 |
Kiinteistö Oy Harjantauksentie 11 | Kotka, Finland | 100.00 | 100.00 |
Kiinteistö Oy Helsingin Itäkeskus | Helsinki, Finland | 100.00 | 100.00 |
Kiinteistö Oy Hiukkavaaran Kauppa | Oulu, Finland | 100.00 | 100.00 |
Kiinteistö Oy Hyvinkään Onnela | Helsinki, Finland | 100.00 | 100.00 |
Kiinteistö Oy Hämeenlinnan Katsastusmiehentie 10 | Helsinki, Finland | 100.00 | 100.00 |
Owned by the parent | Domicile | Group's ownership interest, % | Parent's ownership interest, % |
Kiinteistö Oy Kittilän Säästökulma | Helsinki, Finland | 100.00 | 100.00 |
Kiinteistö Oy Kuopion Tulliportinkatu 33 | Kuopio, Finland | 100.00 | 100.00 |
Kiinteistö Oy Lappeenrannan Oksasenkatu 4 | Helsinki, Finland | 100.00 | 100.00 |
Kiinteistö Oy Mariannen Liiketila | Helsinki, Finland | 100.00 | 100.00 |
Kiinteistö Oy Pontsonkulma | Helsinki, Finland | 94.60 | 94.60 |
Kiinteistö Oy Riistaveden Keskustie 15 | Helsinki, Finland | 79.50 | 79.50 |
Kiinteistö Oy Salon Hämeentie 24 | Helsinki, Finland | 100.00 | 100.00 |
Kiinteistö Oy Sarviniitynkatu 4 | Kerava, Finland | 100.00 | 100.00 |
Kiinteistö Oy Sunan Hallitalo | Helsinki, Finland | 100.00 | 100.00 |
Kiinteistö Oy Tarkkaiikka | Oulu, Finland | 100.00 | 100.00 |
Kiinteistö Oy Voisalmen Liiketalo | Helsinki, Finland | 100.00 | 100.00 |
Klintcenter Ab | Mariehamn, Åland | 100.00 | 100.00 |
Kompass Invest Oy | Kemiönsaari, Finland | 100.00 | 100.00 |
Koskelan Ostokeskus Oy | Oulu, Finland | 58.64 | 29.32 |
K-Liikenneasema Oy | Helsinki, Finland | 100.00 | 100.00 |
K-Market Oy | Helsinki, Finland | 100.00 | 100.00 |
Onninen Oy | Helsinki, Finland | 100.00 | 100.00 |
Reinin Liha Oy | Helsinki, Finland | 100.00 | 100.00 |
Saunakallion Ostoskeskus Oy | Järvenpää, Finland | 56.30 | 56.30 |
Tampereen Länsikeskus Oy | Tampere, Finland | 100.00 | 100.00 |
153 |
Owned by other Group companies | Domicile | Group's ownership interest, % | Parent's ownership interest, % |
Arn Eiendom AS | Vefsn, Norway | 100.00 | |
BREIFLÅTVEIEN 15/21 AS | 100.00 | ||
Davidsen Ejendomme A/S | Vojens, Denmark | 90.00 | |
Davidsens Tømmerhandel A/S | Vojens, Denmark | 90.00 | |
Espoontorin Pysäköintitalo Oy | Espoo, Finland | 82.46 | |
JØSSANGVEGEN 5 AS | Jørpeland, Norway | 100.00 | |
K Auto AC Oy | Helsinki, Finland | 100.00 | |
K Auto PC Oy | Helsinki, Finland | 100.00 | |
K Auto Leasing Oy | Helsinki, Finland | 100.00 | |
K Auto Retail Oy | Helsinki, Finland | 100.00 | |
KESKO EIENDOM BERGEN AS | Oppegård, Norway | 100.00 | |
Kesko Onninen International Trading Co., Ltd | Shanghai, China | 100.00 | |
Kestra Kiinteistöpalvelut Oy | Helsinki, Finland | 100.00 | |
Kiinteistö Oy Kokkolan Kaanaanmaantie 2-4 | Kokkola, Finland | 64.78 | |
Kiinteistö Oy Lappeenrannan Rakuunaparkki | Lappeenranta, Finland | 57.12 | |
Kiinteistö Oy Vantaan Simonsampo | Vantaa, Finland | 100.00 | |
KR Fastigheter i Järfälla AB | Sollentuna, Sweden | 100.00 | |
KR Fastigheter i Linköping AB | Sollentuna, Sweden | 100.00 | |
KR Fastigheter i Täby AB | Sollentuna, Sweden | 100.00 | |
K-Bygg Försäljning AB | Segeltorp, Sweden | 100.00 | |
K-Bygg Sverige AB | Östersund, Sweden | 100.00 | |
K-Rauta Holding Finland Oy | Helsinki, Finland | 100.00 | |
Mark & Infra i Sverige AB | Täby, Sweden | 100.00 | |
MIN BUTIK ApS | Vojens, Denmark | 90.00 | |
Olarin Autokiinteistö Oy | Espoo, Finland | 100.00 | |
Onninen AS | Skedsmo, Norway | 100.00 | |
Onninen AS | Tallinn, Estonia | 100.00 | |
Onninen SIA | Riga, Latvia | 100.00 | |
Onninen Sp. z o.o. | Warsaw, Poland | 100.00 | |
Onninen UAB | Vilnius, Lithuania | 100.00 | |
Peltosaaren Liikekeskus Oy | Riihimäki, Finland | 59.67 | |
Profelco Oy | Vantaa, Finland | 100.00 | |
Sport1 Flokkmann Mosjøen AS | Mosjøen, Norway | 100.00 | |
T-24 ApS | Kolding, Denmark | 90.00 |
Owned by other Group companies | Domicile | Group's ownership interest, % | Parent's ownership interest, % |
VESTRE ROSTEN 97 AS | Oppegård, Norway | 100.00 | |
Zenitec Sweden AB | Hästvdeda, Sweden | 100.00 | |
Övik Låsteknik AB | Örnsköldsvik, Sweden | 100.00 |
Owned by the parent | Domicile | Group's ownership interest, % | Parent's ownership interest, % |
Graanin Liikekeskus Oy | Mikkeli, Finland | 50.00 | 50.00 |
Kesko Senukai Lithuania UAB | Vilnius, Lithuania | 50.00 | 50.00 |
Kiinteistö Oy Itäaukio | Lahti, Finland | 26.20 | 26.20 |
Kiinteistö Oy Janakkalan Linnatuuli | Janakkala, Finland | 29.86 | 29.86 |
Kiinteistö Oy Joensuun Kaupunginportti | Joensuu, Finland | 22.77 | 22.77 |
K-Tilipalvelu Oy | Helsinki, Finland | 30.00 | 30.00 |
Mercada Oy | Helsinki, Finland | 33.33 | 33.33 |
Vähittäiskaupan Takaus Oy | Helsinki, Finland | 42.84 | 42.84 |
Owned by other Group companies | Domicile | Group's ownership interest, % | Parent's ownership interest, % |
EDISON Data AS | Oslo, Norway | 40.00 | |
Proffsenteret AS | Ringerike, Norja | 34.11 | |
KS Holding UAB | Vilna, Liettua | 50.01 |
154 |
Owned by the parent and others | Domicile | Group's ownership interest, % | Parent's ownership interest, % |
Asunto Oy Harjutie | Espoo, Finland | 20.80 | 20.80 |
Asunto Oy Helsingin Strorken | Helsinki, Finland | 25.42 | 25.42 |
Asunto Oy Kajaanin Louhikatu 2 | Kajaani, Finland | 42.96 | 42.96 |
Asunto Oy Naantalin Tullinkulma | Naantali, Finland | 24.45 | |
Asunto Oy Soukan Itäinentorni | Espoo, Finland | 46.60 | 46.60 |
Asunto-Oy Punkalaitumen Pankkitalo | Punkalaidun, Finland | 33.82 | |
Itäkeskuksen Pysäköintitalo Oy | Helsinki, Finland | 36.16 | 36.16 |
Kiinteistö Oy Iso Roobertinkatu 20-22 | Helsinki, Finland | 25.64 | 25.64 |
Kiinteistö Oy Lahden Lyhytkatu 1 | Lahti, Finland | 50.00 | 50.00 |
Kiinteistö Oy Lukonmäen Palvelukeskus | Tampere, Finland | 34.54 | |
Kiinteistö Oy Taidetehtaanparkki | Porvoo, Finland | 24.06 | 24.06 |
Kiinteistö Oy Ulvilan Hansa | Ulvila, Finland | 43.47 | 43.47 |
Kiinteistö Oy Vantaanportin Liikekeskus | Vantaa, Finland | 27.81 | 27.81 |
Lapin Tehdastalo Oy | Tampere, Finland | 21.24 | 21.24 |
Munkkivuoren Ostoskeskus Oy | Helsinki, Finland | 39.20 | 39.20 |
Raksilan Paikoitus Oy | Oulu, Finland | 33.33 | 33.33 |
Talo Oy Kalevanpuisto | Kuopio, Finland | 47.60 | 47.60 |
Voisalmen Ostoskeskus Oy | Lappeenranta, Finland | 50.00 |
155 |
Income statement | Associates and joint ventures | Board and management | Pension Fund | |||
€ million | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 |
Sales of goods | 8.2 | 7.2 | 85.3 | 87.8 | - | - |
Sales of services | 4.6 | 4.7 | 0.7 | 0.9 | 0.3 | - |
Purchases of goods | - | - | -10.4 | -10.7 | - | - |
Purchases of services | -0.1 | - | - | - | - | - |
Other operating income | 1.2 | 0.8 | 16.5 | 19.1 | - | - |
Other operating costs | -4.3 | -4.4 | -0.2 | - | -0.1 | -0.1 |
Finance income | 6.0 | 6.1 | - | - | - | - |
Finance expenses | - | -0.2 | - | - | -0.2 | -0.2 |
Balance sheet | Associates and joint ventures | Board and management | Pension Fund | |||
€ million | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 |
Current receivables | 6.0 | 9.9 | 8.7 | 7.6 | - | - |
Non-current receivables | 58.0 | 61.4 | - | - | - | - |
Current liabilities | 7.8 | 5.8 | 1.2 | 3.8 | 6.4 | 2.8 |
Items related to leases | Associates and joint ventures | Board and management | Pension Fund | |||
€ million | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 |
Cash flow from leases | 40.7 | 38.7 | - | - | 6.2 | 6.0 |
Lease liabilities | 197.1 | 222.7 | - | - | 36.7 | 40.5 |
2024 | 2023 | ||
Jorma Rauhala | President and CEO as of 1.2.2024 | 1,186.6 | - |
Mikko Helander | President and CEO until 31.1.2024 | 2,084.5 | 3,370.1 |
Group Management Board | other members | 3,895.9 | 8,232.9 |
Esa Kiiskinen | Board Chairman | 122.0 | 114.6 |
Peter Fagernäs | Board Deputy Chairman | 73.8 | 70.2 |
Jannica Fagerholm | Board member | 79.8 | 74.4 |
Pauli Jaakola | Board member as of 26.3.2024 | 55.4 | - |
Piia Karhu | Board member | 60.2 | 55.9 |
Jussi Perälä | Board member | 56.6 | 52.9 |
Toni Pokela | Board member until 26.3.2024 | 1.2 | 52.9 |
Timo Ritakallio | Board member | 62.0 | 57.7 |
Total | 7,678.1 | 12,081.6 | |
156 |
157 |
Assumptions for share award calculations | PSP 2024-2027 | PSP 2023-2026 | PSP 2022-2025 | PSP 2021-2024 |
Grant dates | 29.1.2024 | 1.2.2023 | 2.2.2022 | 2.2.2021 |
Grant date fair value of share award, € | 16.39 | 20.56 | 27.71 | 21.01 |
Share price at grant date, € | 17.41 | 21.64 | 28.77 | 21.76 |
Shares transferred in | 2026 | 2025 | 2024 | 2023 |
Number of share awards granted, maximum, pcs* | 821,516 | 710,557 | 513,800 | 646,970 |
Changes in the number of shares granted, pcs | -103,250 | -201,770 | -28,475 | -100,950 |
Actual amount of share award, pcs* | - | - | 183,796 | 409,515 |
Number of plan participants at end of financial year | 57 | 52 | 60 | 49 |
Share price at balance sheet date, € | 18.18 | 17.93 | 20.62 | 29.34 |
Fulfilment of performance criteria, % | - | - | 41.5 | 75.0 |
Estimated number of share awards returned prior to the end of commitment period, % | 2.5 | 2.5 | 2.5 | 2.5 |
*Gross number of shares from which the applicable withholding tax is deducted and the remaining net amount is paid in shares. | ||||
158 |
Assumptions for share award calculations | KPSP and RSP 2024 | KPSP and RSP 2023 | KPSP and RSP 2022 | KPSP and RSP 2021 |
Grant dates | 29.1.2024 | 1.2.2023 | 2.2.2022 | 2.2.2021 |
Grant date fair value of share award, € | 16.39 | 20.56 | 27.71 | 21.01 |
Share price at grant date, € | 17.41 | 21.64 | 28.77 | 21.76 |
Shares transferred in | 2027 | 2026 | 2025 | 2024 |
Number of share awards granted, maximum, pcs* | 451,387 | 293,850 | 218,734 | 256,769 |
Changes in the number of shares granted, pcs | -18,970 | -22,012 | -32,211 | -30,421 |
Actual amount of share award, pcs* | - | 80,518 | 88,746 | 212,724 |
Number of plan participants at end of financial year | 159 | 147 | 129 | 125 |
Share price at balance sheet date, € | 18.18 | 17.93 | 20.62 | 29.34 |
Fulfilment of performance criteria, % | - | 15.9 | 22.3 | 89.3 |
Estimated number of share awards returned prior to the end of commitment period, % | 2.5 | 2.5 | 2.5 | 2.5 |
*Gross number of shares from which the applicable withholding tax is deducted and the remaining net amount is paid in shares. | ||||
159 |
€ | 1 Jan.-31 Dec. 2024 | 1 Jan.-31 Dec. 2023 |
Net sales | 6,659,910,905.58 | 6,662,223,788.54 |
Other operating income | 887,656,680.44 | 898,211,500.06 |
Materials and services | -5,913,991,150.11 | -5,893,409,138.14 |
Change in inventory | 12,773,894.68 | -23,008,211.48 |
Employee benefit expenses | -378,339,561.48 | -384,770,788.96 |
Depreciation, amortisation and impairment | -126,306,061.75 | -113,486,865.95 |
Other operating expenses | -783,861,147.15 | -754,854,973.67 |
Operating profit | 357,843,560.21 | 390,905,310.40 |
Finance income and costs | 7,449,393.46 | 160,251,693.28 |
Profit before appropriations and taxes | 365,292,953.67 | 551,157,003.68 |
Appropriations | ||
Change in depreciation reserve | -30,492,954.39 | -23,549,009.97 |
Group contribution | 105,653,373.11 | 64,919,581.06 |
Profit before taxes | 440,453,372.39 | 592,527,574.77 |
Income taxes | -83,324,585.17 | -82,909,736.55 |
Profit for the financial year | 357,128,787.22 | 509,617,838.22 |
160 |
€ | 31 Dec. 2024 | 31 Dec. 2023 |
ASSETS | ||
NON-CURRENT ASSETS | ||
INTANGIBLE ASSETS | ||
Intangible rights | 4,401,946.87 | 5,125,872.64 |
Other intangible assets | 248,750,974.93 | 219,153,791.56 |
Prepayments | 3,079,496.77 | 4,150,302.51 |
256,232,418.57 | 228,429,966.71 | |
PROPERTY, PLANT AND EQUIPMENT | ||
Land and waters | ||
Owned | 289,933,581.65 | 277,174,152.62 |
Leasehold interests and connection fees | 7,455,791.65 | 7,289,059.93 |
Buildings | 734,977,190.65 | 658,740,908.91 |
Machinery and equipment | 99,474,165.78 | 88,443,233.36 |
Other tangible assets | 6,238,278.31 | 6,341,067.34 |
Prepayments and construction in progress | 68,421,488.72 | 113,022,536.55 |
1,206,500,496.76 | 1,151,010,958.71 | |
INVESTMENTS | ||
Investments in subsidiaries | 1,544,521,207.49 | 1,281,768,095.60 |
Investments in associates | 122,431,239.85 | 121,462,239.85 |
Other investments | 26,302,948.15 | 24,693,492.49 |
1,693,255,395.49 | 1,427,923,827.94 | |
CURRENT ASSETS | ||
INVENTORIES | ||
Finished products/goods | 315,230,055.04 | 302,380,900.60 |
315,230,055.04 | 302,380,900.60 |
€ | 31 Dec. 2024 | 31 Dec. 2023 |
RECEIVABLES | ||
Long-term | ||
Receivables from subsidiaries | 7,664,587.02 | 34,933,925.92 |
Receivables from associates | 58,018,585.04 | 61,386,166.16 |
Loan receivables | 751,838.24 | 1,071,723.22 |
Other receivables | 12,196,937.72 | 10,320,055.51 |
78,631,948.02 | 107,711,870.81 | |
Short-term | ||
Trade receivables | 391,096,017.14 | 401,544,346.37 |
Receivables from subsidiaries | 384,073,992.89 | 419,460,312.16 |
Receivables from associates | 5,098,845.43 | 9,491,959.99 |
Loan receivables | 292,993.99 | 276,310.07 |
Other receivables | 11,853,472.66 | 12,647,229.78 |
Prepayments and accrued income | 93,557,861.75 | 89,145,137.15 |
885,973,183.86 | 932,565,295.52 | |
OTHER FINANCIAL ASSETS | 15,000,000.00 | - |
CASH AND CASH EQUIVALENTS | 457,966,759.80 | 200,012,586.12 |
TOTAL ASSETS | 4,908,790,257.54 | 4,350,035,406.41 |
161 |
€ | 31 Dec. 2024 | 31 Dec. 2023 |
EQUITY AND LIABILITIES | ||
CAPITAL AND RESERVES | ||
Share capital | 197,282,584.00 | 197,282,584.00 |
Share premium | 197,498,010.90 | 197,498,010.90 |
Reserve of invested non-restricted equity | 22,753,307.40 | 22,753,307.40 |
Other reserves | 243,415,795.55 | 243,415,795.55 |
Retained earnings | 915,749,904.54 | 808,916,472.00 |
Profit for the financial year | 357,128,787.22 | 509,617,838.22 |
1,933,828,389.61 | 1,979,484,008.07 | |
APPROPRIATIONS | ||
Depreciation reserve | 237,152,690.30 | 206,658,990.11 |
PROVISIONS | ||
Provisions | 7,717,854.63 | 2,017,574.84 |
LIABILITIES | ||
Non-current | ||
Notes | 300,000,000.00 | 0.00 |
Loans from financial institutes | 620,000,000.00 | 650,000,000.00 |
Pension loans | 20,355,000.00 | 32,349,000.00 |
Other creditors | 18,729,124.53 | 19,001,617.22 |
959,084,124.53 | 701,350,617.22 | |
Current | ||
Loans from financial institutes | 150,000,000.00 | 0.00 |
Pension loans | 11,994,000.00 | 11,994,000.00 |
Advances received | 20,095,560.65 | 31,541,172.75 |
Trade payables | 708,804,747.35 | 739,185,366.57 |
Payables to subsidiaries | 363,884,310.23 | 262,814,413.54 |
Payables to associates | 6,684,450.49 | 5,728,650.62 |
Other payables | 272,966,364.29 | 183,827,426.62 |
Accruals and deferred income | 236,577,765.46 | 225,433,186.07 |
1,771,007,198.47 | 1,460,524,216.17 | |
TOTAL LIABILITIES | 4,908,790,257.54 | 4,350,035,406.41 |
162 |
€ | 1 Jan.-31 Dec. 2024 | 1 Jan.-31 Dec. 2023 |
Cash flows from operating activities | ||
Profit before appropriations | 365,292,953.67 | 551,153,503.68 |
Adjustments | ||
Depreciation according to plan | 126,306,061.75 | 113,486,865.95 |
Finance income and costs | -7,449,393.46 | -160,251,693.28 |
Other adjustments | 23,936,772.13 | -7,413,552.15 |
508,086,394.09 | 496,975,124.20 | |
Change in working capital | ||
Current non-interest-bearing receivables, increase (-)/decrease (+) | 11,619,535.70 | 27,535,297.96 |
Inventories increase (-)/decrease (+) | -12,849,154.44 | 23,008,211.48 |
Current non-interest-bearing liabilities, increase (+)/ decrease (-) | -24,111,780.18 | -19,265,630.51 |
-25,341,398.92 | 31,277,878.93 | |
Interests paid and other finance costs | -70,797,801.96 | -44,423,936.93 |
Interests received | 31,059,861.59 | 34,714,965.24 |
Dividends received | 61,049,078.93 | 168,684,828.28 |
Income tax paid | -93,217,047.97 | -58,598,511.77 |
-71,905,909.41 | 100,377,344.82 | |
Net cash generated from operating activities | 410,839,085.76 | 628,630,347.95 |
Cash flows from investing activities | ||
-287,056,919.33 | -416,858,310.90 | |
Acquisitions of subsidiaries | -247,385,142.08 | -96,464,969.71 |
Acquisitions of associates | -969,000.00 | - |
Proceeds from other investments | 9,570.00 | 71,393.23 |
Proceeds from disposal of property, plant, equipment and intangible assets | 8,413,389.78 | 364,804.87 |
Long-term receivables, increase (-)/decrease (+) | 29,989,808.69 | 48,113,571.58 |
Other financial assets, increase (-)/decrease (+) | -15,000,000.00 | 35,826,114.02 |
Net cash used in investing activities | -511,998,292.94 | -428,947,396.91 |
€ | 1 Jan.-31 Dec. 2024 | 1 Jan.-31 Dec. 2023 |
Cash flows from financing activities | ||
Interest-bearing liabilities, increase (+)/decrease (-) | 532,069,342.98 | 86,878,735.01 |
Short-term interest-bearing receivables, increase (-)/ decrease (+) | 34,681,997.40 | 34,350,288.54 |
Dividends paid | -320,328,125.47 | -430,315,181.18 |
Group contributions received and paid | 105,653,373.11 | 64,919,581.06 |
Other items | 7,036,792.84 | 14,600,317.10 |
Net cash used in financing activities | 359,113,380.86 | -229,566,259.47 |
Change in cash and cash equivalents | 257,954,173.68 | -29,876,308.43 |
Cash and cash equivalents as at 1 Jan. | 200,012,586.12 | 229,888,894.55 |
Cash and cash equivalents as at 31 Dec. | 457,966,759.80 | 200,012,586.12 |
163 |
164 |
€ million | 2024 | 2023 |
Grocery trade | 5,770.0 | 5,724.6 |
Building and home improvement trade | 888.4 | 937.7 |
Others | 1.5 | 0.0 |
Total | 6,659.9 | 6,662.2 |
€ million | 2024 | 2023 |
Material and services | -5,802.0 | -5,782.8 |
Change in inventory | 12.8 | -23.0 |
External services | -112.0 | -110.6 |
Total | -5,901.2 | -5,916.4 |
€ million | 2024 | 2023 |
Gains on sales of real estate and shares | 0.3 | 0.2 |
Rent income | 110.4 | 99.4 |
Fees for services | 577.5 | 580.6 |
Profits from mergers | - | 26.1 |
Others | 199.4 | 192.0 |
Total | 887.7 | 898.2 |
165 |
€ million | 2024 | 2023 |
Salaries and fees | -314.6 | -316.5 |
Social security costs | ||
Pension costs | -55.3 | -56.7 |
Other social security costs | -8.5 | -11.5 |
Total | -378.3 | -384.8 |
€ million | 2024 | 2023 |
Managing Director | 3.3 | 3.4 |
Members of the Board of Directors | 0.5 | 0.4 |
Total | 3.8 | 3.8 |
€ million | 2024 | 2023 |
Depreciation according to plan | -125.0 | -113.0 |
Impairment, non-current assets | -1.3 | -0.5 |
Total | -126.3 | -113.5 |
€ million | 2024 | 2023 |
Rent expenses | -361.8 | -350.6 |
Marketing expenses | -149.1 | -152.7 |
Maintenance of real estate and store sites | -109.2 | -102.8 |
Losses on disposals of non-current assets | -1.7 | - |
ICT expenses | -87.1 | -78.0 |
Losses from mergers | -14.6 | -11.8 |
Other operating expenses | -60.3 | -58.9 |
Total | -783.9 | -754.9 |
€ million | 2024 | 2023 | |
Audit firm Deloitte | |||
Audit | 0.4 | 0.4 | |
Other services | 0.1 | 0.2 | |
Total | 0.5 | 0.5 |
166 |
€ million | 2024 | 2023 |
Income from long-term investments | ||
Dividend income from subsidiaries | 38.3 | 146.7 |
Dividend income from associates | 22.3 | 19.6 |
Dividend income from others | 0.4 | 2.3 |
Gains on sales of investments | 0.0 | 0.4 |
Income from long-term investments, total | 61.1 | 169.0 |
Other interest and finance income | ||
From subsidiaries | 18.4 | 24.0 |
From others | 18.9 | 21.9 |
Interest and finance income, total | 37.3 | 45.9 |
Impairment of investments held as non-current assets | ||
Impairment of shares | -14.9 | - |
Changes in fair value | - | 0.1 |
Impairment and changes in fair value of investments held as non-current assets, total | -14.9 | 0.1 |
Interest and other finance costs | ||
To subsidiaries | -27.9 | -20.5 |
To others | -48.1 | -34.2 |
Interest and finance costs, total | -76.0 | -54.7 |
Total | 7.4 | 160.2 |
€ million | 2024 | 2023 |
Difference between depreciation according to plan and depreciation in taxation | -30.5 | -23.5 |
Group contributions received | 119.8 | 88.9 |
Group contributions paid | -14.1 | -24.0 |
Total | 75.2 | 41.4 |
€ million | 2024 | 2023 |
Other changes | 5.7 | -0.2 |
Total | 5.7 | -0.2 |
€ million | 2024 | 2023 |
Income taxes on group contributions | -21.1 | -13.0 |
Income taxes on ordinary activities | -62.3 | -69.8 |
Taxes for prior years | 0.1 | -0.1 |
Total | -83.3 | -82.9 |
167 |
2024 € million | Intangible rights | Other intangible assets | Prepayments | Intangible assets total |
Acquisition cost as at 1 Jan. | 16.9 | 468.4 | 4.2 | 489.4 |
Increases | 0.9 | 63.9 | 2.0 | 66.8 |
Transferred in mergers | - | 0.2 | - | 0.2 |
Decreases | -0.0 | -1.4 | -0.2 | -1.6 |
Transfers between items | 0.1 | 16.9 | -2.8 | 14.2 |
Acquisition cost as at 31 Dec. | 17.9 | 548.1 | 3.1 | 569.1 |
Accumulated depreciation as at 1 Jan. | -11.8 | -249.2 | - | -261.0 |
Transferred in mergers | - | -0.1 | - | -0.1 |
Accumulated depreciation on decreases and transfers | 0.0 | 0.9 | - | 0.9 |
Depreciation and amortisations for the financial year | -1.7 | -51.0 | - | -52.7 |
Accumulated depreciation as at 31 Dec. | -13.5 | -299.3 | - | -312.8 |
Book value as at 31 Dec. | 4.4 | 248.8 | 3.1 | 256.2 |
2023 € million | Intangible rights | Other intangible assets | Prepayments | Intangible assets total |
Acquisition cost as at 1 Jan. | 16.5 | 405.2 | 8.8 | 430.6 |
Increases | 1.3 | 49.9 | 2.5 | 53.7 |
Decreases | -1.0 | -5.8 | -0.0 | -6.8 |
Transfers between items | 0.0 | 19.1 | -7.2 | 12.0 |
Acquisition cost as at 31 Dec. | 16.9 | 468.4 | 4.2 | 489.4 |
- | ||||
Accumulated depreciation as at 1 Jan. | -11.1 | -209.2 | - | -220.2 |
Accumulated depreciation on decreases and transfers | 1.0 | 5.8 | - | 6.8 |
Depreciation and amortisations for the financial year | -1.7 | -45.9 | - | -47.6 |
Accumulated depreciation as at 31 Dec. | -11.8 | -249.2 | - | -261.0 |
Book value as at 31 Dec. | 5.1 | 219.2 | 4.2 | 228.4 |
168 |
2024 € million | Land and waters, owned | Land and waters, leasehold interests | Buildings | Machinery and equipment | Other tangible assets | Prepayments and construction in progress | Tangible assets total |
Acquisition cost as at 1 Jan. | 277.2 | 7.8 | 1,084.3 | 311.2 | 24.4 | 113.0 | 1,817.9 |
Increases | 7.8 | 0.1 | 56.6 | 29.3 | 0.6 | 50.3 | 144.7 |
Transferred in mergers | 0.8 | 0.1 | 14.3 | 0.0 | - | - | 15.2 |
Decreases | -2.0 | -0.4 | -4.0 | -6.5 | - | -6.9 | -19.9 |
Transfers between items | 6.2 | 0.0 | 59.4 | 7.6 | 0.5 | -88.1 | -14.3 |
Acquisition cost as at 31 Dec. | 289.9 | 7.6 | 1,210.7 | 341.5 | 25.6 | 68.4 | 1,943.7 |
Accumulated depreciation as at 1 Jan. | - | -0.5 | -425.5 | -222.7 | -18.1 | - | -666.9 |
Transferred in mergers | - | - | -6.7 | -0.0 | -0.0 | - | -6.7 |
Accumulated depreciation on decreases and transfers | - | 0.4 | 2.3 | 5.8 | 0.1 | - | 8.6 |
Depreciation and amortisations for the financial year | - | -0.0 | -45.8 | -25.1 | -1.3 | - | -72.3 |
Accumulated depreciation as at 31 Dec. | - | -0.2 | -475.7 | -242.0 | -19.3 | - | -737.2 |
Book value as at 31 Dec. | 289.9 | 7.5 | 735.0 | 99.5 | 6.2 | 68.4 | 1,206.5 |
2023 € million | Land and waters, owned | Land and waters, leasehold interests | Buildings | Machinery and equipment | Other tangible assets | Prepayments and construction in progress | Tangible assets total |
Acquisition cost as at 1 Jan. | 247.3 | 7.1 | 942.5 | 311.1 | 23.3 | 87.5 | 1,618.8 |
Increases | 27.3 | 0.4 | 84.8 | 14.8 | 0.4 | 92.1 | 219.8 |
Transferred in mergers | 1.9 | 0.1 | 8.7 | 0.1 | 0.1 | - | 10.8 |
Decreases | -0.1 | - | 0.0 | -17.8 | - | -1.6 | -19.5 |
Transfers between items | 0.8 | 0.2 | 48.2 | 3.0 | 0.7 | -64.9 | -12.1 |
Acquisition cost as at 31 Dec. | 277.2 | 7.8 | 1,084.3 | 311.2 | 24.4 | 113.0 | 1,817.9 |
Accumulated depreciation as at 1 Jan. | - | -0.5 | -385.6 | -213.5 | -16.8 | - | -616.4 |
Transferred in mergers | - | - | -2.0 | -0.1 | -0.1 | - | -2.2 |
Accumulated depreciation on decreases and transfers | - | - | 0.0 | 17.1 | - | - | 17.1 |
Depreciation and amortisations for the financial year | - | -0.0 | -37.9 | -26.3 | -1.2 | - | -65.4 |
Accumulated depreciation as at 31 Dec. | - | -0.5 | -425.5 | -222.7 | -18.1 | - | -666.9 |
Book value as at 31 Dec. | 277.2 | 7.3 | 658.7 | 88.4 | 6.3 | 113.0 | 1,151.0 |
169 |
2024 € million | Investments in subsidiaries | Investments in associates | Other investments | Total |
Acquisition cost as at 1 Jan. | 1,295.4 | 121.5 | 24.7 | 1,441.5 |
Increases | 295.8 | 1.0 | 1.5 | 298.3 |
Transferred in mergers | - | - | 0.0 | 0.0 |
Decreases | -18.2 | - | -0.0 | -18.3 |
Transfers between items | - | - | 0.1 | 0.1 |
Acquisition cost as at 31 Dec. | 1,573.0 | 122.4 | 26.3 | 1,721.7 |
Impairment as at 1 Jan. | -13.6 | - | - | -13.6 |
Impairments on decreases for the financial year | -14.9 | - | -0.0 | -14.9 |
Impairment as at 31 Dec. | -28.5 | - | -0.0 | -28.5 |
Book value as at 31 Dec. | 1,544.5 | 122.4 | 26.3 | 1,693.3 |
2023 € million | Investments in subsidiaries | Investments in associates | Other investments | Total |
Acquisition cost as at 1 Jan. | 1,093.9 | 114.0 | 23.7 | 1,231.6 |
Increases | 229.2 | 7.5 | 1.0 | 237.6 |
Transferred in mergers | - | - | 0.0 | 0.0 |
Decreases | -27.7 | - | -0.1 | -27.8 |
Transfers between items | - | - | 0.1 | 0.1 |
Acquisition cost as at 31 Dec. | 1,295.4 | 121.5 | 24.7 | 1,441.5 |
Impairment as at 1 Jan. | -13.6 | - | - | -13.6 |
Impairment as at 31 Dec. | -13.6 | - | - | -13.6 |
Book value as at 31 Dec. | 1,281.8 | 121.5 | 24.7 | 1,427.9 |
170 |
€ million | 2024 | 2023 |
Long-term receivables | ||
Loan receivables | 7.7 | 34.9 |
Long-term receivables, total | 7.7 | 34.9 |
Short-term receivables | ||
Trade receivables | 11.3 | 10.3 |
Loan receivables | 337.7 | 380.0 |
Prepayments and accrued income | 35.2 | 29.2 |
Short-term receivables, total | 384.1 | 419.5 |
Total | 391.7 | 454.4 |
€ million | 2024 | 2023 |
Long-term receivables | ||
Loan receivables | 58.0 | 61.4 |
Other receivables | - | 0.0 |
Long-term receivables, total | 58.0 | 61.4 |
Short-term receivables | ||
Accrued income | 1.4 | 1.0 |
Other receivables | 3.7 | 8.5 |
Short-term receivables, total | 5.1 | 9.5 |
Total | 63.1 | 70.9 |
€ million | 2024 | 2023 |
Taxes | 5.6 | - |
Fees for services | 4.6 | 5.5 |
Employee benefit expenses | 6.4 | 6.6 |
Purchases | 30.8 | 31.1 |
Others | 46.2 | 45.9 |
Total | 93.6 | 89.1 |
€ million | Share capital | Share premium | Contingen cy fund | Reserve of invested non- restricted equity | Retained earnings | Total equity |
Balance as at 1 January 2023 | 197.3 | 197.5 | 243.4 | 22.8 | 1,232.4 | 1,893.3 |
Dividends | -429.6 | -429.6 | ||||
Treasury shares | 6.1 | 6.1 | ||||
Profit for the year | 509.6 | 509.6 | ||||
Balance as at 31 December 2023 | 197.3 | 197.5 | 243.4 | 22.8 | 1,318.5 | 1,979.5 |
Dividends | -405.9 | -405.9 | ||||
Treasury shares | 3.1 | 3.1 | ||||
Profit for the year | 357.1 | 357.1 | ||||
Balance as at 31 December 2024 | 197.3 | 197.5 | 243.4 | 22.8 | 1,272.9 | 1,933.8 |
Restricted equity | 2024 | 2023 |
Share capital | 197.3 | 197.3 |
Share premium | 197.5 | 197.5 |
Total | 394.8 | 394.8 |
171 |
Non-restricted equity | 2024 | 2023 |
Contingency fund | 243.4 | 243.4 |
Reserve of invested non-restricted equity | 22.8 | 22.8 |
Retained earnings | 1,272.9 | 1,318.5 |
Total | 1,539.0 | 1,584.7 |
Calculation of distributable profits | 2024 | 2023 |
Other reserves | 266.2 | 266.2 |
Retained earnings | 915.7 | 808.9 |
Profit for the year | 357.1 | 509.6 |
Total | 1,539.0 | 1,584.7 |
Breakdown of parent company shares | Kpl |
A shares | 126,948,028 |
B shares | 273,130,980 |
Total | 400,079,008 |
Votes attached to shares | Ääniä |
A share | 10 |
B share | 1 |
Shares | |
Own B shares held by the Company as at 31 December 2023 | 2,309,497 |
Transferred, share-based compensation scheme | -196,208 |
Transferred, Board of Directors | -7,789 |
Returned during the financial year | 17,100 |
Own B shares held by the Company as at 31 December 2024 | 2,122,600 |
€ million | 2024 | 2023 |
Provisions for leases | 6.4 | 1.4 |
Other provisions | 1.3 | 0.6 |
Total | 7.7 | 2.0 |
172 |
€ million | 2024 | 2023 |
Liabilities to subsidiaries | ||
Trade payables | 7.5 | 7.6 |
Accruals and deferred income | 9.6 | 11.4 |
Other payables | 346.8 | 243.8 |
Total | 363.9 | 262.8 |
Liabilities to associates | ||
Trade payables | 0.1 | - |
Accruals and deferred income | 0.0 | 0.0 |
Other payables | 6.6 | 5.6 |
Total | 6.7 | 5.7 |
Accruals and deferred income | ||
Employee benefit expenses | 102.8 | 108.5 |
Accruals and deferred income from purchases | 32.0 | 20.0 |
Taxes | 0.0 | 4.2 |
Fees for services | 16.4 | 16.9 |
Others | 85.4 | 75.8 |
Total | 236.6 | 225.4 |
€ million | 2024 | 2023 |
Current liabilities | 1,198.5 | 1,141.4 |
Total | 1,198.5 | 1,141.4 |
€ million | 2024 | 2023 |
Real estate mortgages | ||
For own debt | 162.1 | 162.1 |
For subsidiaries | 0.7 | 0.7 |
Pledged shares | 9.0 | 9.0 |
Guarantees | ||
For own debt | 0.4 | 0.5 |
For subsidiaries | 88.4 | 70.9 |
Other liabilities and liability engagements | ||
For own debt | 53.8 | 49.4 |
Rent liabilities on machinery and fixtures | ||
Due within a year | 7.5 | 7.1 |
Due later | 6.5 | 7.0 |
Rent liabilities on real estate | ||
Due within a year | 299.3 | 306.6 |
Due later | 1,512.2 | 1,512.2 |
173 |
Company's transaction exposure as at 31 Dec. 2024 € million | USD | SEK | NOK | PLN |
Transaction risk | -7.7 | -42.4 | 37.0 | -6.0 |
Hedging derivatives | 36.6 | 37.1 | -42.4 | 4.2 |
Exposure | 28.9 | -5.3 | -5.4 | -1.8 |
Company's transaction exposure as at 31 Dec. 2023 € million | USD | SEK | NOK | PLN |
Transaction risk | -4.8 | 58.4 | 54.4 | -11.2 |
Hedging derivatives | 17.2 | -47.3 | -42.3 | 5.1 |
Exposure | 12.4 | 11.1 | 12.1 | -6.1 |
Sensitivity analysis, impact on pre-tax profit as at 31 Dec. 2024 € million | USD | SEK | NOK | PLN |
Change +10% | -2.6 | 0.5 | 0.5 | 0.2 |
Change -10% | 3.2 | -0.6 | -0.6 | -0.2 |
Sensitivity analysis, impact on pre-tax profit as at 31 Dec. 2023 € million | USD | SEK | NOK | PLN |
Change +10% | -1.1 | -1.0 | -1.1 | 0.6 |
Change -10% | 1.4 | 1.2 | 1.3 | -0.7 |
Fair values of derivative contracts € million | 31 Dec. 2024 Negative fair value (balance sheet value) | 31 Dec. 2023 Negative fair value (balance sheet value) | ||
Currency derivatives | 1.6 | -0.4 | 0.4 | -1.8 |
Interest rate derivatives | 7.2 | -4.7 | 14.8 | -8.5 |
Notional amounts of derivative contracts € million | 31 Dec. 2024 Notional amount | 31 Dec. 2023 Notional amount |
Currency derivatives | 137.7 | 133.0 |
Interest rate derivatives | 430.0 | 530.0 |
€ million | 2024 | Fair value | 2023 | Fair value |
Liabilities arising from derivative instruments | ||||
Values of underlying instruments as at 31 Dec. | ||||
Interest rate derivatives | ||||
Interest rate swaps | 430 | 2.5 | 530 | 6.3 |
Foreign currency derivatives | ||||
Forward and future contracts | 138 | 1.2 | 133 | -1.3 |
Outside the Group | 125 | 1.4 | 125 | -1.6 |
Inside the Group | 13 | -0.2 | 8 | 0.2 |
Commodity derivatives | ||||
Electricity derivatives | 91 | - | 79 | - |
Outside the Group | 45 | -3.2 | 39 | 5.7 |
Inside the Group | 45 | 3.2 | 39 | -5.7 |
174 |
€ million | 2024 | 2023 |
Financial assets at amortised cost (maturing in less than 3 months) | 185.2 | 3.3 |
Cash and cash equivalents | 272.8 | 196.7 |
Total | 458.0 | 200.0 |
175 |
Esa Kiiskinen | Peter Fagernäs | |
Jannica Fagerholm | Pauli Jaakola | Piia Karhu |
Jussi Perälä | Timo Ritakallio | Jorma Rauhala |
President and CEO |
Deloitte Oy |
Audit Firm |
Jukka Vattulainen |
APA |
176 |
(Translation of the Finnish original) |
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Key audit matter | How our audit addressed the key audit matter |
Revenue recognitions Refer to accounting policies for the consolidated financial statements and note 2.1 . Consolidated Net Sales of Kesko Oyj amounted to EUR 11,920.1 million (EUR 11,783.8 million). Kesko operates in grocery trade, building and technical trade, and car trade through wide sales- and retail network. Consolidated net sales comprise the sale of goods, services and energy from contracts with customers. The share of the of service and energy sales in total net sales is not significant. The Group sells products to retailers and other retail dealers and engages in own retailing. Net sales is a key business and economic indicator and consists of a significant volume of transactions. For this reason, the functionality of information system controls is emphasised in revenue recognition. A significant part of the Kesko Group's net sales is automatically recognised in accounting through IT systems based on the fulfilment of the sales performance obligation. Revenue recognition due to its significance require specific attention both from the accounting and the auditing perspective. | We have evaluated the IT systems related to revenue recognition by testing access and change management controls. We also evaluated process level controls by performing walkthroughs of each significant class of revenue transactions, assessed the design of key controls and tested the operating effectiveness of those controls. We have analyzed the revenue transactions recorded to net sales to identify entries originating from automated processes and entries from manual journals, and to focus our audit procedures to transactions estimated as higher risk transactions. Our audit procedures to ensure appropriateness of revenue recognition for sales transaction population recorded to net sales have consisted among others, performing comprehensive data analytics based substantive audit procedures together with sample based test of details. We have made a focused risk assessment for addressing fraud risk relating to revenue recognition, and identified manual journal entries by applying data analytics. Based on our revenue related risk assessment, we have focused our substantive audit procedures for the transactions identified to ensure the appropriateness and accuracy. |
Key audit matter | How our audit addressed the key audit matter |
Impairment testing of Goodwill and trademarks Refer to Note 3.3 .in the consolidated financial statements of Kesko Oyj. Consolidated statement of financial position includes goodwill of EUR 643.0 million (EUR 663.7 million). In addition, consolidated statement of financial position includes EUR 113.5 million (EUR 86.0 million) Trademarks. The majority of the amount of goodwill and trademarks is related to the building and technical trade segment. Goodwill is subject to management’s annual impairment test. Goodwill impairment testing requires substantial management judgment over the projected future business performance, cash flows and applied discount rate. Note 3.3. in the Consolidated financial statements describes key assumptions used by management and sensitivity analysis for the impairment tests approved by the Board. | As part of our audit procedures we have assessed the impairment testing calculations prepared by management and approved by the board, and assessed key controls over impairment testing for each cash generating unit. The recoverable amounts of the cash-generating units are determined based on value-in-use calculations. Estimated cash flows used in these calculations are based on three-year financial plans approved by management. The key assumptions used for the plans are total market growth and profitability trends, changes in store network, product and service selection, pricing and movements in operating costs. We have assessed the key assumptions used by management in the Goodwill impairment tests: • comparing the growth and profitability estimates to historical performance. • comparing the estimates with the latest approved budgets and strategic plans. • comparing applied discount rates to external sources. • testing the mathematical accuracy of the impairment calculations We have also assessed the related disclosure information. |
We have no key audit matters to report with respect to our audit of the parent company financial statements. There are no significant risks of material misstatement referred to in Article 10(2c) of Regulation (EU) No 537/2014 with respect to the parent company financial statements. | |
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(Translation of the Finnish original) |
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(Translation of the Finnish original) |
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